Of the Three Main Principles of GATT, the Most Favored

question 16

Multiple Choice

 Of the three main principles of GATT, the most favored nation principle meant that

• A) a tariff rate granted to one member of GATT would be extended to all members.
• B) foreign firms would be subject to the same rules and regulations as a country's domestic firms.
• C) trade disputes would be settled by the unanimous agreement of all parties to the dispute.
• D) countries should specialize in producing goods for which they have the lowest opportunity cost of production.

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Definitions:

Moral Development

The process through which individuals acquire the standards of right and wrong that guide their thinking and behavior in terms of ethical and social responsibilities.

Highest Stage

In various developmental theories, this term signifies the ultimate phase of development, characterized by the attainment of peak capabilities or understanding.

Mutual Give-and-take

A reciprocal relationship or exchange where both parties benefit from giving something to the other.

Perspective

The capacity to view things in their true relations or relative importance, often considering different viewpoints or angles.