Which of the Following Reflects the Major Contribution of GATT

question 51

Multiple Choice

Which of the following reflects the major contribution of GATT to globalization?

• A) It instituted strict controls on international currencies.
• B) It simplified patent and copyright laws.
• C) It reduced barriers to international trade and investment.
• D) It eliminated the divide between the rich and the poor.

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Definitions:

Sellers

Individuals or entities that offer goods or services for sale to potential buyers in exchange for money or other assets.

Oligopoly

A market structure characterized by a small number of firms that dominate the market, leading to limited competition.

Number of Firms

Refers to the total count of business entities operating in a given market or industry.

Market Characteristics

Features or attributes that define and differentiate specific markets, including structure, competition level, and consumer behaviors.