The Longstanding Arrangement for Regulating the Flow of Imports of Textiles

question 8

Multiple Choice

The longstanding arrangement for regulating the flow of imports of textiles and apparel Into developed countries from developing countries was known as __________.

• A) the Generalized System of Preferences
• B) the Multi-Fiber Arrangement
• C) a "fast-track" agreement
• D) an outsourcing/offshoring agreement

---

Definitions:

Price

The amount of money or compensation exchanged for the ownership or use of a good or service.

Apples

A type of fruit that comes in various colors and flavors, commonly grown in temperate climates.

Perfect Complements

Goods that are consumed together in fixed proportions, such that the consumer regards them as inseparable in use.

Income Effect

The change in an individual's or economy's purchasing power generated by a change in income, affecting the quantity demanded of a good or service.