One Way That LAIA Differs from LAFTA, Its Predecessor, Is

question 7

Multiple Choice

One way that LAIA differs from LAFTA, its predecessor, is

• A) the differential treatment of member countries according to their level of economic development.
• B) the inclusion of rules of origin.
• C) the exclusion of tariff barrier.
• D) the members are forbidden from establishing bilateral trade agreements among member countries.
• E) the introduction of a common currency for the member countries.

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Definitions:

Harmony

A state of peacefulness or agreement in feelings, actions, ideas, or interests among individuals or groups.

Antitrust Laws

Legislation enacted to prevent monopolies, promote competition, and ensure fair business practices in the marketplace.

Monetary Award

A sum of money granted to an individual or organization as a recognition of achievement, a form of settlement, or as compensation for damages.

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.