Under GATT, Tariffs Fell from About ________ in 1948 to About

question 16

Multiple Choice

Under GATT, tariffs fell from about ________ in 1948 to about ________ in 2005.

• A) 20 percent; 4 percent
• B) 28 percent; 5 percent
• C) 40 percent; 3 percent
• D) 60 percent; 10 percent

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Definitions:

Lessor

The party that owns a property and allows another party to use it in exchange for rent, typically under the terms of a lease agreement.

Vacant Possession

A term in property law ensuring that a property is empty and available for the new owner or tenant at the time of sale or lease.

Quiet Enjoyment

A tenant's right to possess and use a property without interference from the landlord or other third parties claiming ownership.

Fee Simple

The most extensive interest in real property, providing the owner with full ownership rights indefinitely.