In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property.
B) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers.
C) The charter of the GATT had run out and a new organization was needed to promote international trade.
D) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.
A
You might also like to view...
As a result of an initial increase in investment of $200 billion, real GDP increased by $800 billion. Given this information, the expenditure multiplier equals
A) $800 billion. B) 2. C) 1/4. D) 4. E) 6.
In the New Keynesian open economy model with a flexible exchange rate, an increase in anticipate future total factor productivity
A) has no effects. B) increases aggregate output. C) reduces aggregate consumption. D) causes an exchange rate appreciation.
Contrast the Cambridge and Fisher versions of the quantity theory. Explain why the Cambridge version of the quantity theory represents a more modern monetary theory when compared to Fisher's version
What will be an ideal response?
A rent control law, where tenants pay below-market rents, is a market restriction that may induce a decrease in the supply of rented apartments
a. True b. False Indicate whether the statement is true or false