Answered: One of the global institutions that…

One of the global institutions that emerged over the past 75 years is GATT which stands for the General Agreement on Tariffs and O trade O time O targets O taxes

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 25CTQ: Why might intra-industry trade seem surprising from the point of view of comparative advantage?

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Concept explainers

Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.

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One of the global institutions that emerged over the past 75 years is GATT which stands for the General Agreement on Tariffs and
O trade
O time
O targets
taxes

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