Asked by Jeremy Dyzenhaus on Jun 26, 2024
Verified
An international agreement reached in 1994, by the world's trading nations provides for
A) an increase in export subsidies on agricultural products.
B) an increase in agricultural price supports.
C) a reduction of tariffs on agricultural products.
D) an international research organization designed to discover nonfood uses of agricultural output.
Export Subsidies
Financial support from the government to companies for the purpose of encouraging exports of goods to foreign countries.
Agricultural Products
Goods derived from farming and agriculture, including food items, feed, fiber, and biofuel commodities.
Tariffs
Taxes imposed by a government on imported or occasionally exported goods, often used to protect domestic industries from foreign competition.
- Examine the influence of agricultural policies on both local and international markets.
- Acquire insight into the international effects of domestic agricultural strategies on the allotment of farming resources.
Verified Answer
AM
Alissa Mullins-DiazJun 28, 2024
Final Answer :
C
Explanation :
The international agreement reached in 1994 by the world's trading nations, known as the Uruguay Round of the General Agreement on Tariffs and Trade (GATT), included provisions for the reduction of tariffs on agricultural products. This was part of a broader effort to liberalize trade by reducing trade barriers and subsidies.
Learning Objectives
- Examine the influence of agricultural policies on both local and international markets.
- Acquire insight into the international effects of domestic agricultural strategies on the allotment of farming resources.