What was the GATT?
What will be an ideal response?
The GATT or General Agreement on Tariffs and Trade was an international agreement signed by the United States and 22 other countries in 1947 to promote the liberalization of foreign trade.
Economics
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Refer to Figure 2-16. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A= firms; B = product markets B) A = firms; B = households C) A = households; B = firms D) A = households; B = factor markets
Economics
If a nation is more productive than a trading partner, can it still gain from trade with that partner? Use the concepts of absolute and comparative advantage to explain
What will be an ideal response?
Economics