Visit the home page of the World Trade Organization
Questions:
- What is the primary function of this organization?
- What is the GATT? Discuss the economic rationale for agreements such as the GATT.
The functions of the WTO include:
- administering trade agreements (such as the GATT),
- attempting to resolve trade disputes, and
- monitoring national trade policies.
- The General Agreement on Tariffs and Trade (GATT) is an international agreement that governs international trade. The GATT provided the basic set of trading rules for the exchange of goods among countries. More recent trade agreements (such as the Uruguay Round) also contain provisions for trade in services and deals with the issue of intellectual property rights. The GATT, and subsequent international trade agreements, are designed to encourage free trade. The economic rationale for such agreements is that free trade benefits all participating countries.
Economics
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The demand for a good is more price elastic
a. the shorter the time the consumer has to adjust to price changes b. the lower the price of the good c. the fewer the number of good substitutes d. the less essential the nature of the good e. if the supply is more price elastic
Economics
Jen has a PhD in economics and has been working for 3 years part-time as an instructor; she has always hoped to be hired as a full-time faculty member. The best way to describe Jen is to say she is:
A. unemployed. B. overemployed. C. a discouraged worker. D. underemployed.
Economics