[Lambswool Tax] the U

question 60

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.
-Under the Dispute Settlement Understanding, who may bring an action alleging a violation of GATT?

• A) The WTO
• B) The WTO Secretariat
• C) Any WTO member state
• D) Recognized governments of WTO member states
• E) Any corporation in a WTO member state

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Definitions:

International Accounting Standards Board

An independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).

IFRS

International Financial Reporting Standards are a set of accounting rules and standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

EU

A political and economic union of 27 European countries that are located primarily in Europe, aimed at fostering economic cooperation and collective regulation.

Securities Commissions

Governmental or regulatory bodies responsible for overseeing and regulating the securities and investments market, ensuring fair practices.