The Main Operating Principle of the General Agreements of Tariffs

question 21

Multiple Choice

The main operating principle of the General Agreements of Tariffs and Trade (GATT) was the concept of normal trade relations (NTR) status, formerly known as:

• A)Early Favored Nation status.
• B)Most Favored Nation status.
• C)Late Favored Nation status.
• D)World Trade status.
• E)Best Nation status.

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Definitions:

Matched Set

Items that are manufactured or selected to work together optimally, often referring to parts that are used together in machinery or systems.

U-joint Fails

The failure of a universal joint, a crucial component in the drivetrain of a vehicle, leading to a loss of connection between the driveshaft and the differential or gearbox.

Never-Seize Compound

A protective lubricant designed to prevent seizing, galling, and corrosion between metal parts in extreme conditions.

Setting Caps

Devices or components used to cover or enclose the end of a tube, pipe, or connector, often for protective or sealing purposes.