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- Subject
- Economics Mcqseconomics-mcqs
- Published
- 22 May 2024
- Last updated
- 28 May 2026
On which date did the World Trade Organization (WTO) officially succeed the General Agreement on Tariffs and Trade (GATT)?
Multiple choice question for Economics Mcqs. Select an option, then review the explanation below.
Explanation
The World Trade Organization (WTO) was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT). GATT, which began in 1948 with 23 member countries, aimed to promote free trade by lowering tariffs and eliminating trade barriers. Following multiple negotiation rounds over several decades, the Uruguay Round concluded in 1994, leading to the creation of the WTO to oversee global trade rules and further liberalize international commerce.
More Economics Mcqs
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- 1.According to the World Bank, countries are grouped into four categories based on which of the following criteria?
- 2.Automatic stabilizers belong to which category of economic policy tools?
- 3.What is the likely effect of an increase in the money supply?
- 4.Which economic concept illustrates the inverse connection between inflation and unemployment?
- 5.Which of the following does not constitute a part of the Gross Domestic Product (GDP)?