Which of the Following Statements Is True Regarding GATT

question 39

Multiple Choice

Which of the following statements is true regarding GATT?

• A)GATT attempted to liberalize trade restrictions in one go.
• B)In its early years,GATT was unsuccessful and hence was superseded by the World Bank.
• C)GATT regulations were mostly enforced by the EU nations rather than by a mutual monitoring mechanism.
• D)Tariff reductions through negotiations were completed in three rounds.
• E)The last round for tariff reduction,the Uruguay Round,was launched in 1986 and completed in December 1993.

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Definitions:

Goal Congruence

The alignment of individual objectives and organizational goals to ensure that all efforts contribute to the overall success.

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving aspects of psychology, economics, and management.

Planning and Control

Planning and Control encompass the processes used by management to set goals, implement strategies, and ensure the organization's resources are used effectively and efficiently to achieve them.

Transfer Price

The price at which goods or services are sold between divisions within the same company.