GATT's Contribution to Trade Liberalization Made Possible the Expansion of World

question 45

True/False

GATT's contribution to trade liberalization made possible the expansion of world trade in the second half of the twentieth century.

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Definitions:

Willingness to Pay

The highest price a person is willing to pay for a product or service, indicating how much they value it.

Consumer Surplus

The deviation between the cumulative amount consumers are inclined to spend on a good or service and the amount they really spend.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service consumers are willing and able to purchase, typically downward sloping.

Price

The financial sum necessary for acquiring a good or service.