The Main Goal of the General Agreement on Tariffs and Trade

question 73

True/False

The main goal of the General Agreement on Tariffs and Trade (GATT) was to reduce trade restrictions among world nations.

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Definitions:

Prior Period Adjustment

Adjustments made to the accounts to rectify errors or omissions in the financial statements of previous periods.

Deficit

A situation where expenditures exceed revenue, leading to a shortfall that must be financed through borrowing or using savings.

Earnings Per Share

A financial ratio that measures the portion of a company's profit allocated to each outstanding share of common stock, indicating the company’s profitability.

Cash Dividends

Cash distributions to shareholders from a company's earnings.