The Primary Function of the General Agreement on Tariffs and Trade

question 145

Multiple Choice

The primary function of the General Agreement on Tariffs and Trade (GATT) has been to limit trade barriers and promote world trade through the:

• A)establishment of an international Board of Commerce.
• B)explicit assessing of non-tariff trade barriers of services.
• C)reduction of tariffs.
• D)equalization of international quotas on manufactured goods.

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Definitions:

Century

A period of one hundred years.

Gross Savings Rate

The total level of savings within an economy expressed as a percentage of total income.

2000

Marks the year notable for events such as the dot-com bubble peak, and the U.S. presidential election, which resulted in George W. Bush's victory.

Mancur Olson

Mancur Olson was an American economist and political scientist known for his work on public goods and his theory of collective action, explaining how individuals can work together to achieve common goals.