Over the Five Decades of GATT's Existence,the Average Tariff Rate

question 154

Multiple Choice

Over the five decades of GATT's existence,the average tariff rate of its members

• A)fell from approximately 40 percent to less than 5 percent.
• B)fell from approximately 70 percent to less than 40 percent.
• C)rose from less than 5 percent to approximately 40 percent.
• D)rose from less than 40 percent to approximately 70 percent.

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Definitions:

Highest Bid

The largest amount of money offered in a competitive process, such as an auction, for the purchase of goods or services.

Second Highest Bid

In an auction, the bid amount that is the next highest after the winning or highest bid.

Strategically Equivalent

Referring to actions, tactics, or strategies that yield the same outcome or effect, despite differing in approach.

English Auction

A bidding process where the price ascends and the highest bidder wins, commonly used in selling art, antiques, and collectibles.