List the major outcomes from the General Agreement on Tariffs and Trade.
What will be an ideal response?
Negotiations for the Uruguay “round” of GATT were completed in 1993. The major provisions of the new agreement included: (1) widespread reduction in tariffs with an overall drop of about 33%; (2) application of GATT rules to the growing trade in services; (3) plans to cut subsidies in agriculture; (4) the inclusion of intellectual property rights - patents, trademarks, copyrights - in GATT rules; (5) phased reduction in quotas on textiles and apparel; and (6) the creation of a “World Trade Organization” to mediate disputes among GATT members.
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Refer to Figure 9-3. What is the area of consumer surplus after the imposition of the quota?
A) A B) G + H C) A + G + H D) G + H + E + I+ J + M
Franklin D. Roosevelt's nationwide "Bank Holiday" in March 1933 merely finished the job started by the governors of the states, who were already closing down the banking systems
Indicate whether the statement is true or false
The possible asymmetry of monetary policy is the central idea of the:
A. invisible hand concept. B. ratchet analogy. C. pushing-on-a-string analogy. D. bandwagon effect.
Through the Freedom to Farm Act of 1996, farmers were:
A. Guaranteed declining annual "transition payments" through 2002 B. Given higher price supports for a larger number of agricultural products C. Protected by tariffs on imported agricultural products after 2002 D. Allowed to consolidate smaller farms with larger farms to make farming more efficient