International Trade & Agreements - Semi-Finals Quiz 1

GATT rules allow countries to impose antidumping duties on foreign goods that are being sold cheaper than at home, or below their cost of production, when domestic producers can show that they are being harmed.

• True

• False

According to Strategic Trade Policy, many developing countries have a potential comparative advantage in manufacturing, but new manufacturing industries cannot initially compete with established industries in developed countries.

• True

• False

WTO would make it more effective at policing global trade rules than the GATT had been.

• True

• False

Alexander Hamilton proposed the Infant Industry Agreement in 1972.

• True

• False

The Uruguay Round dragged on for seven years before an agreement was reached December 15, 1993.

• True

• False

Trading partners who are signatories of the GATT, as most are, automatically receive MFN status.

• True

• False

Exporting countries agree to VERs to avoid more damaging punitive tariffs.

• True

• False

Other countries can undermine unilateral trade sanctions.

• True

• False

The GATT was a bilateral agreement whose objective was to liberalize trade by eliminating tariffs, subsidies, import quotas, and the like.

• True

• False

Economic arguments for intervention are concerned with protecting the interests of certain groups within a nation (normally producers), often at the expense of other groups (normally consumers).

• True

• False