Describe the Role of GATT and the WTO in Reducing

question 35

Essay

Describe the role of GATT and the WTO in reducing barriers to trade and investment worldwide, and explain how this reduction has led to the integration and interdependence of national economies.

---

Definitions:

Consumer Price Index

An index measuring the change in the price of a weighted average market basket of consumer goods and services purchased by households.

Typical Urban Family

A typical urban family refers to an average or standard family living in an urban area, often used in studies to assess living conditions, expenses, and economic impacts in city environments.

Intermediate Goods

Goods used to produce other goods.

Consumer Price Index

A gauge that tracks the overall variation in prices urban consumers pay for a selection of consumer products and services over a period.