An Issue Never Confronted Effectively by GATT, but Considered an Important

question 17

Multiple Choice

An issue never confronted effectively by GATT, but considered an important issue for WTO is that of

• A) the promotion of freer World trade.
• B) the promotion of freer World commodity trade.
• C) the promotion of freer World services trade.
• D) the lowering of tariff rates.
• E) the liberalization of trade.

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Definitions:

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, holding all other inputs constant.

Resource

A source or supply from which a benefit is produced and that has some utility, which can include natural resources, human resources, and capital.

Units

A measurement or quantity of something, used in various contexts such as economics, to quantify production, sales, or other items.

Purely Competitive

A market structure characterized by an infinite number of small buyers and sellers where the product is a commodity, allowing no single participant to significantly influence price.