Which concept is described as a compromise between economic liberalism and state intervention?
a. Fair trade
b. Outsourcing
c. Embedded liberalism
d. Welfare economics
The most favored nation principle means that
a. one nation is selected to benefit the most from free trade.
b. if a state lowers a tariff toward one General Agreement on Tariffs and Trade (GATT) member, it is obligedto give all members the same low tariff.
c. regional trading partners are given favorable trading terms.
d. the GATT ensures that one country receives preferential trade treatment.
__________ describes the agreement that one state's tariffs on goods would be the same as its trading partner's tariff.
a. Reciprocity
b. Embedded liberalism
c. Trade equality
d. Non-discrimination
The General Agreement on Tariffs and Trade (GATT) replaced the earlier concept of reciprocity with
a. nondiscrimination.
b. mutual agreement.
c. coercive negotiation.
d. collective action.
The objectives of the Bretton Woods system were to
a. fight communism and enrich the United States.
b. promote free trade and increase global wealth.
c. rebuild Europe and democratize the developing world.
d. ensure continued U.S. presence in Asia and expand global capitalism.
Quick Reply
