Every Country Engages in Some Form of Protectionism

question 185

Multiple Choice

Every country engages in some form of protectionism. However, protectionism has declined internationally over the past 50 years due in large part to the:

• A)International Trade Feedback Act (ITFA).
• B)Balance of Trade Agreement (BOTA).
• C)General Agreement on Tariffs and Trade (GATT).
• D)Gross Domestic Product Agreement (GDPA).

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Definitions:

Bid-rigging

A form of fraud where competing parties conspire to determine the winner of a bidding process, undermining fairness.

Vickery Auctions

An auction format where the highest bidder wins but pays the second-highest bid, encouraging true value bidding.

Sealed-bid Auctions

A bidding process where all bidders submit their bids confidentially, with the highest bid usually winning the item or contract.

Bid-rigging

A form of fraud in which competitors agree in advance who will win a bidding process, undermining fair competition.