Originally, GATT Members Had Agreed to Three Items

question 109

Multiple Choice

Originally, GATT members had agreed to three items. One of those was to _____

• A) protect U.S. industries and decrease world trade.
• B) manage legal and accounting requirements for U.S. tariffs and quotas.
• C) reduce tariffs through multinational negotiations.
• D) increase trade restrictions, after OPEC significantly raised oil prices.
• E) develop a free trade zone across 50 states.

---

Definitions:

Differentiated Products

Products that are similar but distinguished from each other by variations in quality, features, branding, or some other aspect valued by consumers.

Short Run

A period in which at least one input (e.g., capital) is fixed and cannot be changed.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to change.

Profit-Maximizing

The approach taken by a corporation to find the pricing and production levels that lead to the greatest earnings.