The "most favored nation principle" means:
a. that member countries can enter into exclusive favorable agreements with some countries.
b. that member countries are barred from forming agreements outside their geographic vicinity.
c. that member countries must apply the same low tariffs to all WTO member countries.
d. that member countries must apply differential tariffs on imports from non-WTO countries.
Ans: c. that member countries must apply the same low tariffs to all WTO member countries.
You might also like to view...
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
A monopoly produces and sells 300 units of its product for $8 per unit. If the total cost incurred by the monopoly is $1,800, determine its profit or loss
What will be an ideal response?
A market economy benefits from market power
A) if firms with market power do research and development with the profits earned. B) if market power gets so bad the government creates public enterprises. C) if the majority of the population are entrepreneurs. D) under no circumstances.
Under a system of flexible exchange rates, an increase in demand for a nation's currency in the foreign exchange market will
a. cause the nation's currency to appreciate. b. make it more expensive for the nation to import goods. c. cause the nation's balance on current account to shift toward a surplus. d. make it less expensive for foreigners to buy the nation's goods.