Which of the Following Improvements Resulted After the Establishment of the General

question 23

Multiple Choice

Which of the following improvements resulted after the establishment of the General Agreement on Tariffs and Trade (GATT) ?

• A) Trade growth consistently outpaced the gross domestic product (GDP)growth.
• B) The average tariffs in developed economies significantly increased.
• C) Effective dispute resolution mechanism was established.
• D) Trade in services and intellectual property (IP)protection was covered.

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Definitions:

Labor

Human effort, either physical or mental, used in the production of goods and services.

Average Product

The output per unit of input, calculated by dividing the total output by the number of units of the input.

Lawns Mowed

The activity of cutting the grass of a lawn to maintain its appearance and health.

Marginal Products

Marginal Product is the extra output, or product, produced by using one more unit of a production input, holding all other inputs constant.