Asked by Muhammad Haque on Jun 14, 2024
Verified
The General Agreement on Tariffs and Trade (GATT) was established in:
A) 1870 to protect U.S.industries and decrease world trade.
B) 1921 to manage legal and accounting requirements for U.S.tariffs and quotas.
C) 1947 by 23 countries to reduce trade restrictions.
D) 1973 to increase trade restrictions,after OPEC significantly raised oil prices.
E) 1990 to develop a free trade zone across 50 states.
Trade Restrictions
Measures such as tariffs, quotas, and embargoes implemented by governments to control international trade and protect domestic industries.
General Agreement on Tariffs and Trade
An international trade treaty designed to boost economic recovery by reducing quotas and tariffs.
- Understand the historical development of international trade agreements such as GATT.
Verified Answer
AE
Aron Emmanuel AtienzaJun 16, 2024
Final Answer :
C
Explanation :
The General Agreement on Tariffs and Trade (GATT) was established in 1947 by 23 countries to reduce trade restrictions.
Learning Objectives
- Understand the historical development of international trade agreements such as GATT.
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