The Rules Established Under GATT Are Enforced by the

question 33

Multiple Choice

The rules established under GATT are enforced by the

• A)governments of the nations that are involved in GATT.
• B)North American Free Trade Association.
• C)World Trade Organization.
• D)European Union.

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Definitions:

Standard Price

The predetermined cost of acquiring a product or receiving a service under normal conditions.

Pounds

Often refers to a unit of weight used primarily in the British imperial and United States customary systems.

Materials Variance

The difference between the actual cost of materials used in production and the expected (standard) cost of those materials.

Price Variances

The difference between the actual cost of a good or service and its standard or expected cost, which can be favorable or unfavorable.