The GATT Principle That Called for Mutual Lowering of Trade

question 4

Multiple Choice

The GATT principle that called for mutual lowering of trade barriers between trading partners was known as __________ .

• A) reciprocity
• B) convertibility
• C) nondiscrimination
• D) outsourcing
• E) transparency

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Definitions:

Blu-ray Disc Manufacturer

A company that produces Blu-ray discs, a digital optical disc storage format designed for high-definition video and data storage.

Costs

The monetary value that must be paid or expended to obtain goods, services, or assets, encompassing a wide range of expenses in business.

Cost Of Goods Sold

The direct expenses incurred in making the goods a company sells.

Variable Cost

Costs that change in proportion to the level of production or sales activities in a company, such as raw materials and labor expenses.