Trade Regulations And Industrial Policies
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- Subject
- Trade Regulations And Industrial Policieseconomics-mcqs › trade-regulations-and-industrial-policies
- Published
- 27 May 2019
- Last updated
- 28 May 2026
Which organization, established in 1947, was created to encourage the reduction of trade barriers worldwide?
Multiple choice question for Trade Regulations And Industrial Policies. Select an option, then review the explanation below.
Explanation
The General Agreement on Tariffs and Trade (GATT) was founded in 1947 to facilitate international trade by lowering tariffs and other trade restrictions. While the WTO later succeeded GATT, it was not established until 1995. The IMF and World Bank serve different economic functions unrelated to trade liberalization agreements.
More Trade Regulations And Industrial Policies MCQs
Practice related questions from the same subject.
- 1.Which theory proposes that governments can help local firms earn economic profits by competing against foreign rivals?
- 2.What is the primary impact of the most favored nation (MFN) clause in international trade?
- 3.What is the effect of implementing antidumping tariffs on imported goods?
- 4.Which statement accurately describes the situation regarding dumping?
- 5.Which type of protection, including measures like the escape clause, offers temporary relief to local industries challenged by fairly traded imports?