In 1995,the General Agreement on Tariffs and Trade (GATT),which Was

question 146

Multiple Choice

In 1995,the General Agreement on Tariffs and Trade (GATT) ,which was established in 1948,was replaced by the World Trade Organization (WTO) .Why did members of the GATT push for the establishment of the WTO?

• A)The GATT agreement only covered trade in goods.The WTO was created to cover trade in goods,services,and intellectual property.
• B)The charter of the GATT had run out and a new organization was needed to promote international trade.
• C)The creation of the European Union (EU)made the GATT obsolete.The WTO was formed to regulate trade between the EU and other nations.
• D)By 1995 tariffs had been eliminated.The WTO was created to reduce non-tariff trade barriers.

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Definitions:

Error

The difference between the observed value and the true value in statistics and scientific measurements.

Null Hypothesis

A statement used in hypothesis testing that indicates no significant difference or effect.

P-value

The probability of observing a statistic at least as extreme as the one observed, given that the null hypothesis is true.

Level of Significance

A threshold in hypothesis testing that determines the probability of rejecting a true null hypothesis, often denoted by alpha.