The Power of the General Agreement on Tariffs and Trade

question 145

True/False

The power of the General Agreement on Tariffs and Trade (GATT) to settle trade disputes is what sets it apart from its predecessor, the World Trade Organization (WTO).

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Definitions:

Heuristics

Cognitive shortcuts or rules of thumb that simplify decision making by enabling quicker judgments with less effort but potentially at the expense of accuracy.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Representative Heuristic

A cognitive bias in which an individual categorizes a situation based on how similar it is to their prototype of a particular event or behavior, often leading to errors in decision making or judgment.

Stroop Effect

A psychological phenomenon that demonstrates the interference in reaction time when the name of a color is printed in a color not denoted by the name.