The economist credited with the idea of comparative advantage is _____.
a. Adam Smith
b. David Ricardo
c. John Maynard Keynes
d. Milton Friedman
What was the name of the meeting that changed the GATT to WTO?
a. The Brazil Round
b. The Uruguay Round
c. Paris Talks
d. The Vienna Conference
The GATT principle of nondiscrimination that called for all foreign goods to be treated equally with domestic goods, and that countries are not able to enact policies, such as taxes, to give their products an advantage over foreign products is called _____.
a. national treatment
b. most-favored nation status
c. transparency
d. liberalization
According to the most-favored-nation (MFN) principle,
a. states cannot rely on comparative advantage in their trade policies.
b. goods produced at home are treated the same for import and export agreements.
c. tariff preferences granted to one state must be granted to all others exporting the same product.
d. import quotas can be used to regulate trade, but export quotas cannot be used.
The GATT principle that called for mutual lowering of trade barriers between trading partners was known as _____ .
a. reciprocity
b. convertibility
c. nondiscrimination
d. outsourcing
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