Which Statements Accurately Describes the General Agreement on Tariffs and Trade

question 41

Multiple Choice

Which statements accurately describes the General Agreement on Tariffs and Trade (GATT) ?

• A) The United States, the United Kingdom, and Germany were the only signatories of the original GATT.
• B) The original agreement provided a process to increase the tariffs on trade goods.
• C) GATT member nations seek to resolve their trade disputes unilaterally.
• D) The GATT panels have enforcement powers apart from advisory powers.
• E) It created an agency to serve as watchdog over world trade.

---

Definitions:

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxes by governmental authorities.

Average Tax Rate

A calculation of the proportion of total income that an individual or business pays in taxes, showcasing the fraction of gross income spent on taxes.

Taxable Income

Taxable income is the portion of an individual's or a company's income used to determine how much tax they owe to the government in a given tax year.

Single Individual

Pertains to one person or entity, distinguishing from groups or multiple entities.