Which of the Following Is True of the General Agreement

question 25

Multiple Choice

Which of the following is True of the General Agreement on Tariffs and Trade (GATT) ?

• A) Its principles were designed to allow states to treat foreign firms differently than their domestic firms.
• B) It did not allow for states to claim exemptions for any reason.
• C) It did not have any mechanism through which states could settle disputes.
• D) Its principles were designed to defend the use of protectionist trade measures.
• E) Its principles allowed for preferential access for products from developing countries to the markets of developed countries.

Analyze the effects of current account deficits or surpluses on the capital and financial accounts.

Identify and interpret the key entries in balance of payments tables.

Understand the role and impact of imports and exports on national accounts.

Differentiate between financial account surpluses and deficits.