The General Agreement on Tariffs and Trade (GATT)

question 5

Multiple Choice

The General Agreement on Tariffs and Trade (GATT) :

• A) is a multilateral treaty
• B) is subscribed to by the United States
• C) has as its goal the liberalization of world trade
• D) all of the above

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Definitions:

Stagflation

A condition of slow economic growth and relatively high unemployment – a period of stagnation – accompanied by rising prices (inflation).

High Unemployment Rates

A condition where a significant portion of a workforce is not employed but is actively seeking work, reflecting economic downturns or structural changes in the economy.

High Inflation Rates

A situation characterized by a rapid and excessive rise in the general price level of goods and services in an economy over a period of time.

Economy Growth

An increase in the economic output and productivity of a country, often measured by its gross domestic product (GDP) over time.