As a Result of GATT,tariff Rates in Developed Countries Have

question 26

True/False

As a result of GATT,tariff rates in developed countries have decreased from 40 percent in 1948 to less than 4 percent today.

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Definitions:

Economic Goal

An objective or desired outcome that societies or governments aim to achieve through economic policies and strategies, such as growth, stability, and equity.

Collective Bargaining

Collective bargaining is the process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Fringe Benefits

Additional compensation provided to employees beyond their base wages or salaries, such as health insurance, pensions, and paid vacations.

Working Conditions

The environment, terms, and conditions under which an individual is employed, including hours, physical aspects, legal rights, and responsibilities.