The Voluntary Export Restraint That the United States Negotiated with

question 149

Multiple Choice

The voluntary export restraint that the United States negotiated with
Japan:

• A)violated provisions of the GATT that encouraged countries to avoid using quotas.
• B)exploited a loophole in the GATT because the quota was administered by the exporting country.
• C)did not allow U.S.auto producers to raise their prices.
• D)did not impose any deadweight losses on the United States.

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Definitions:

Accounting

The systematic recording, analyzing, and reporting of financial transactions pertaining to a business.

Unity of Command

This principle asserts that each employee should receive orders from only one superior to avoid confusion and conflicts in command.

Hierarchically Connected

Organized or structured in a way that entities are ranked one above the other according to status or authority.

Hierarchy of Authority

An organizational structure where entities are ranked according to levels of power and authority, usually from highest to lowest.