With the Achievements of the General Agreement on Tariffs and Trade

question 53

True/False

With the achievements of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO), nearly all barriers to trade expansion are finally removed.

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Definitions:

Private Sector

Refers to the part of the economy that is owned, operated, and funded by private individuals or companies, as opposed to the government.

Majority Voting

A decision-making process where the option that receives the most votes from participants wins, often used in elections and organizational decisions.

Negative Externalities

Costs incurred by third parties not directly involved in an economic activity, for example, pollution affecting non-participating individuals.

Economically Inefficient Outcomes

Situations where resources are not allocated optimally, resulting in lost potential utility or value.