How Many Nations Signed on for Negotiation When GATT Was

question 20

Multiple Choice

How many nations signed on for negotiation when GATT was created in 1947?

• A) 15
• B) 23
• C) 28
• D) 40
• E) 57

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Definitions:

Long Run

The Long Run is a period in economics during which all factors of production and costs are variable, allowing for adjustment to changing market conditions.

Fixed Amount

A specific, unchanging quantity of something.

Diminishing Returns

An economic principle that states as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot increase proportionally.

Negative Returns

A situation in which additional investment or effort results in a decrease in output or performance, contrary to typical expectations for growth or improvement.