Over the Five Decades of GATT's Existence,the Average Tariff Rate

question 154

Multiple Choice

Over the five decades of GATT's existence,the average tariff rate of its members

• A)fell from approximately 40 percent to less than 5 percent.
• B)fell from approximately 70 percent to less than 40 percent.
• C)rose from less than 5 percent to approximately 40 percent.
• D)rose from less than 40 percent to approximately 70 percent.

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Definitions:

Exempt Activities

Actions or operations by certain organizations that are not subject to taxation due to their nature, usually charitable, educational, or religious.

Social Mission

The purpose or goal of an organization that focuses on creating social value and addressing societal needs rather than generating profits.

Meeting Current Needs

Ensuring the present requirements or demands of a situation, organization, or individual are adequately addressed or fulfilled.

Charity

An organization or activity aimed at providing help and raising money for those in need, often without expecting anything in return.