Since the Introduction of the General Agreement on Tariffs and Trade

question 85

Multiple Choice

Since the introduction of the General Agreement on Tariffs and Trade (GATT) in the 1940s,

• A)Tariffs and import quotas have increased dramatically
• B)Tariffs around the world have fallen from an average of 40% to about 4%
• C)Common market treaties have become more difficult to negotiate and enforce
• D)The imposition of tariffs has been declared to be "unfair" in most situations
• E)Dumping has become a widespread practice between member nations

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Definitions:

Liquidated Damages

A predetermined amount of money that must be paid as compensation for failure to perform under a contract.

Resale Price

The price at which an item is sold after it has already been purchased from the original seller or manufacturer.

Contract Price

The price agreed upon by the contracting parties for the exchange of goods, services, or property as stipulated in their contract.

Punitive Nature

An aspect of legal judgments or actions intended to punish the wrongdoer, rather than simply to compensate for harm done.