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.

---

Definitions:

Dialectical Philosophers

Thinkers who apply dialectical methods to examine contradictions in society, thought, and history, aiming to understand and enact change.

Structural-Functionalists

Sociologists who focus on understanding society as a complex system, where its components work together to maintain cohesion and order.

Labor Theory of Value

An economic theory, most closely associated with Karl Marx, which posits that the value of a commodity is determined by the socially necessary labor time required for its production.

Exchange Value

The worth of a good or service determined by what it can be traded or exchanged for in the market.