Asked by Katrina Kazandjian on May 11, 2024
Verified
The General Agreement on Tariffs and Trade (GATT) was initiated in response to
A) an increase in exports of low-priced goods from developing countries to developed countries.
B) the replacement of manufacturing jobs with service jobs in developed countries.
C) economic dislocations caused by the North American Free Trade Agreement (NAFTA) in the 1990s.
D) high tariffs imposed during the Great Depression of the 1930s.
General Agreement
A broad consensus or mutual understanding among parties on a specific set of terms or conditions in various contexts.
Tariffs
Taxes imposed on imported goods, typically used by governments to protect domestic industries and regulate trade balance.
Great Depression
A severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
- Recognize the historical background and purpose of the General Agreement on Tariffs and Trade (GATT).
Verified Answer
Learning Objectives
- Recognize the historical background and purpose of the General Agreement on Tariffs and Trade (GATT).
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