One Feature of the GATT and Now the WTO Is

question 120

Multiple Choice

One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. This provision is:

• A) beggar thy neighbor.
• B) the good neighbor policy.
• C) rotating obligations.
• D) most favored nation status.

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Definitions:

Government Provision

The supply of goods or services provided by the government to its citizens, often funded by taxation.

Economic Goods

Products or services that have a positive economic value and thus are subject to scarcity, requiring consumers to make choices about their allocation.

Taxes

Compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.

Economic Efficiency

A situation where resources are utilized in such a manner that maximizes the satisfaction of needs and wants with minimal waste or inefficiency.