Which of the Following Was One of the Most Important

question 32

Multiple Choice

Which of the following was one of the most important achievements of the Uruguay Round of trade talks?

• A)The creation of the WTO.
• B)The creation of the IMF.
• C)The creation of the World Bank.
• D)The creation of the GATT organization for international trade.

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Definitions:

Earned Income Credit

The Earned Income Credit (EIC) is a refundable tax credit for low- to moderate-income working individuals and families, particularly those with children, to reduce poverty and encourage work.

Nonrefundable Credit

A tax credit that can only reduce a taxpayer’s liability to zero, but unlike refundable credits, any excess is not paid out to the taxpayer.

Adoption Credit

A tax benefit offered to taxpayers to offset some costs of legally adopting a child, which can reduce tax liability.

Foreign Tax Credit

A non-refundable tax credit for income taxes paid to a foreign country, aimed at reducing double taxation of the same income.