Which of the following is true of the GATT?
A. The U.S, U.K, and Germany were the original signatories of the GATT.
B. The original agreement provided a process to increase the required tariffs.
C. Member nations seek to resolve their trade disputes unilaterally.
D. The GATT panels have enforcement powers apart from advisory powers.
E. It created an agency to serve as watchdog over world trade.
Answer: E. It created an agency to serve as watchdog over world trade.
Learn More :
International Marketing Chapter 2
- Developed by the IMF to cope with universally floating exchange rates, _____ represent(s) an average base of value derived from the value of a group of major currencies.
- Which of the following is a criticism associated with the global financial institutions?
- Which of the following is an adverse consequence of globalization?
- Which of the following statements is true with regard to the status of protests against global financial institutions?
- Another term for IMF special drawing rights (SDRs) is:
- To overcome the problems of inadequate monetary reserves and unstable currencies that plagued international trading before World War II, the _____ was formed.
- _____ and the World Bank Group are two global institutions created primarily to assist nations in becoming and remaining economically viable.
- Several nations are frustrated with the slow progress of the most recent round of WTO trade negotiations. To vent their frustration, several countries are:
- Which of the following is the most popular way to circumvent WTO guidelines and impose new duties?
- One of the basic elements of the General Agreement on Tariffs and Trade (GATT) is that:
- Which of the following emerged as a successor to the GATT following the Uruguay Round of GATT negotiations?
- Which of the following agreements makes it possible for firms to challenge the restrictions in Indonesia that prohibit foreign firms from opening their own wholesale or retail distribution?
- As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the GATT platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the _____.
- Which of the following is one of the four ongoing forces supporting the growth of international trade?
- Which section of the Omnibus Trade and Competitiveness Act recognizes that foreign penetration of U.S. markets can cause serious competitive pressure, loss of market share, and, occasionally, severe financial harm?
- The Foreign Corrupt Practices Act (FCPA) is specifically addressed in the _____ section of the Omnibus Trade and Competitiveness act.
- Which of the following is an area that is considered critical in improving U.S. trade in the context of the Omnibus Trade and Competitiveness Act?
- Which of the following was designed to primarily deal with trade deficits, protectionism, and the overall fairness of the U.S. trading partners?
- Which of the following trading partners of the U.S. became its topmost "trade problem" at the beginning of the 21st century?
- _____ is a new nontariff barrier that was designed to prevent foreign producers from using predatory pricing.
- ____ is the practice whereby a foreign producer intentionally sells their products in the United States for less than the cost of production to undermine the competition and take control of the market.
- The United States and other countries require some products (automobiles in particular) to contain a percentage of "local content" to gain admission to their markets. This is an example of the stringent usage of _____ to restrict trade.
- Tall Pine Plywood Company has just received a notice that a shipment of plywood (2 metric tons) has been rejected by Japanese customs because the knotholes commonly found on a plywood sheet are too large. Which of the following categories of nontariff barriers primarily checks such quality issues?
- The exchange permit can stipulate: