A Possible Outcome of the Multilateral Approach to Free Trade

question 5

Multiple Choice

A possible outcome of the multilateral approach to free trade is that such an approach can

• A)win political support when a unilateral approach cannot.
• B)result in more restricted trade than under a unilateral approach,when international negotiations fail.
• C)result in drastic reductions in tariffs for many countries.
• D)All of the above are correct.

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Definitions:

Uniform Probability Distribution

A continuous probability distribution for which the probability that the random variable will assume a value in any interval is the same for each interval of equal length.

Continuous Random Variable

A Continuous Random Variable is a variable that can take an infinite number of values within a given range.

Probability Density Function

A function that describes the relative likelihood for a continuous random variable to occur at a point in the observation space.

Continuous Random Variable

A variable that can take an infinite number of real values within a specific range.