One of the Basic Elements of the General Agreement on Tariffs

question 96

Multiple Choice

One of the basic elements of the General Agreement on Tariffs and Trade (GATT) is that:

• A) member nations are exempt from import tariffs to other member nations.
• B) all tariffs shall be abolished among member nations at the time of membership.
• C) the World Court shall review all trade disputes and make final judgments.
• D) trade shall be conducted on a nondiscriminatory basis.
• E) trade in services and investments will be excluded from the purview of the GATT.

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Definitions:

Core Competencies

Essential capabilities or advantages that a business has, which gives it a competitive edge over others in its industry.

Product Design

The process of creating a new product to be sold by a business to its customers, prioritizing functionality, appearance, and user experience.

Outsources

Outsourcing involves contracting out certain business processes or tasks to external providers, often to reduce costs and improve efficiency.

Competency

A combination of skills, knowledge, and behavior that contributes to an individual's ability to perform tasks effectively.