One Major Problem of the General Agreement on Tariffs and Trade

question 22

Multiple Choice

One major problem of the General Agreement on Tariffs and Trade (GATT) was the exclusion of certain classes of products. What was one of the most significant classes of product originally excluded from GATT?

• A)Agricultural
• B)Manufactured
• C)Automotive
• D)Pharmaceuticals

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Definitions:

New Federalism

A political philosophy that advocates for the redistribution of power from the federal government to state and local governments, emphasizing decentralization.

Dual Federalism

A political concept that views the federal government and the state governments as co-equal sovereign powers with separate and distinct areas of authority.

Great Depression

A severe worldwide economic crisis that took place during the 1930s, marked by massive unemployment and widespread poverty.

Matching Grant

A funding arrangement where a grant is given on the condition that an equal amount is matched from another source.