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International trade can have important effects on the distribution of income because some
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- Which of the following statements is true of the General Agreement on Tariffs and Trade (GATT)? A. The United States, the United Kingdom, and Germany were the only signatories of the original GATT.B. The original agreement provided a process to increase the tariffs on trade goods.C. GATT member nations seek to resolve their trade disputes unilaterally.D. The GATT panels have enforcement powers apart from advisory powers.E. It created an agency to serve as watchdog over world trade.
- Several nations, frustrated with the slow progress of the most recent round of WTO trade negotiations, are: A. negotiating bilateral trade agreements.B. forming a rival organization.C. refusing to accept all the rules and regulations imposed by the WTO.D. using legal means to sue the WTO.E. opting out of membership in the WTO.