For almost 70 years international trade policies have been governed
A) by the World Trade Organization.
B) by the International Monetary Fund.
C) by the World.
D) by an international treaty known as the General Agreement on Tariffs and Trade (GATT).
E) by the North American Free Trade Agreement (NAFTA).
D
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Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of ________ reflects ________
A) 500 books and 1000 tables; an inefficient but attainable point. B) 500 books and 500 tables; an attainable and efficient point. C) 1000 books and 1500 tables; a free lunch. D) 1000 books and 1000 tables; a free lunch. E) 1000 books and 500 tables; an efficient point.
The excess burden of a tax refers to the fact that
A) the benefits from a tax exceed the tax revenue. B) the deadweight loss from a tax exceeds the remaining consumer surplus. C) marginal cost is greater than marginal benefit after the tax. D) a tax creates a deadweight loss. E) taxes are split between buyers and sellers.