When Was the General Agreement on Tariffs and Trade (GATT)

question 37

Multiple Choice

When was the General Agreement on Tariffs and Trade (GATT) established, and why?  

• A) in 1870, to protect U.S. industries and decrease world trade 
• B) in 1921, to manage legal and accounting requirements for U.S. tariffs and quotas 
• C) in 1947, to reduce trade restrictions among 23 countries 
• D) in 1973, to increase trade restrictions, after OPEC significantly raised oil prices

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Definitions:

Average Price

The mean price of a product or stock over a specific period, calculated by dividing the total cost by the number of units.

Direct Materials Price Variance

The difference between the actual cost and standard cost of materials used in production, highlighting efficiency in procurement.

Expected Total Sales

The forecasted amount of sales a business anticipates to achieve in a specific period, calculated based on market research and historical sales data.

Average Price

The mean cost of goods or services calculated over a specific period or set of units, used to determine general price levels.