Examlex
Which of the following statements is false?
General Agreement on Tariffs and Trade
An international treaty aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs and quotas; it was replaced by the World Trade Organization (WTO) in 1995.
Voluntary Export Restraint
A self-imposed limitation by exporting countries on the volume of their exports of a particular good.
Subsidy
A financial contribution granted by a government or another entity to support an industry, business, or individual, usually intended to keep prices low, support an essential service, or encourage activities beneficial to the public interest.
Tariff
A tax imposed on imported goods to either raise state revenue or protect domestic industries from foreign competition.
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