[Lambswool Tax] the U

question 24

Multiple Choice

[Lambswool tax] The U.S. and Canada are members of the World Trade Organization and GATT. Frustrated by the tough competition from Canadian suppliers, Lambswool suppliers in the U.S. have pressured Congress to pass a law requiring importers to pay a tax per pound of lambswool imported to the U.S. and restricting the number of pounds of lambswool imported from specific countries, including Canada. Wholly Wool, Inc., is a Canadian company that sells lambswool that is nearly identical to lambswool produced and sold in the U.S.
-A forum for the settlement of the lambswool tax dispute could be:

• A) The WTO
• B) GATT
• C) The International Trade Arbitration Forum
• D) The Uruguay Round
• E) The International Monetary Fund

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Definitions:

First Serve

In tennis, the initial serve attempt in a point, which, if unsuccessful, is followed by a second chance known as the second serve.

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The average value of a set of numbers, calculated by dividing the sum of all the numbers by the count of numbers.

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Attempted shots in basketball awarded following a foul, taken from the free-throw line without interference from other players.