Which of the Following Assertions Is Not Correct About the Multilateral

question 9

Multiple Choice

Which of the following assertions is not correct about the multilateral approach to free trade?

• A)The multilateral approach has the potential to result in freer trade than does the unilateral approach.
• B)The multilateral approach may have a political advantage over the unilateral approach.
• C)The multilateral approach is simpler than the unilateral approach.
• D)NAFTA and GATT both represent multilateral approaches to free trade.

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Definitions:

Cereal

Grasses cultivated for the edible components of their grain, consisting of the endosperm, germ, and bran; also a common breakfast food made from processed grain.

Milk

A nutrient-rich liquid food produced by the mammary glands of mammals, commonly consumed by humans and used in a variety of dairy products.

Inelastic Demand

A situation where the demand for a good or service is relatively unaffected by changes in price.

Available Substitutes

Alternative products or services that consumers can opt for when faced with changes in price or availability of the original product.