Which of the Following Statements Is True of the General

question 103

Multiple Choice

Which of the following statements is true of the General Agreement on Tariffs and Trade (GATT) ?

• A) The United States, the United Kingdom, and Germany were the only signatories of the original GATT.
• B) The original agreement provided a process to increase the tariffs on trade goods.
• C) GATT member nations seek to resolve their trade disputes unilaterally.
• D) The GATT panels have enforcement powers apart from advisory powers.
• E) It created an agency to serve as watchdog over world trade.

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Definitions:

CIO

The Congress of Industrial Organizations, a federation of unions that organized workers in industrial unions in the United States and Canada from 1935 to 1955.

Collective Bargaining

The process whereby labor unions and employers negotiate wages, hours, and working conditions on behalf of the employees.

Strikes

Work stoppages initiated by employees as a form of protest, typically to demand better working conditions, wages, or benefits from their employer.

Lockouts

A situation in labor relations where an employer prevents employees from entering the workplace, usually during a dispute.