One of the Most Important Aspects of LAIA That Differs

question 80

Multiple Choice

One of the most important aspects of LAIA that differs from LAFTA, its predecessor, is:

• A) the differential treatment of member countries according to their level of economic development.
• B) the inclusion of rules of origin.
• C) the exclusion of tariff barrier.
• D) that members are forbidden from establishing bilateral trade agreements among member countries.
• E) the introduction of a common currency for the member countries.

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Definitions:

Property Tax Rate

The percentage of the assessed value of real estate that is payable as tax to the local government.

Mills

In the context of property tax, a mill represents one-tenth of one cent. This unit of currency is often used in tax assessments and signifies the amount of tax payable per dollar of the assessed value of a property.

Gross Income

The total income earned by an individual or a business before any deductions or taxes are taken.

Royalties

A payment made to a patent owner, author, or composer for each sale or use of their work.