What is GATT and what happened to tariff rates as a result of GATT?
What will be an ideal response?
GATT is the General Agreement on Tariffs and Trade. It is an international agreement established after World War II to encourage world trade by reducing barriers and tariffs. U.S. tariff rates have fallen from over 30 percent on average to around 5 percent, although this may overstate the reduction of trade barriers since voluntary export restraints have been used in recent years.
Economics
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When a currency decreases in value relative to another currency, the currency has
A) declined. B) appreciated. C) accelerated. D) decelerated. E) depreciated.
Economics
Refer to the scenario above. If the individual places his bet on four pockets, his likelihood of winning is:
A) 1%. B) 4%. C) 8%. D) 10%.
Economics