UTK MARK 460 Exam 1 -
Armbrister
General Agreement on Tariffs and Trade (GATT) - ANSWERS-Rules for nondiscrimination,
transparency, and settlement of disputes for international trade
-Became less effective over time
World Trade Organization (WTO) - ANSWERS-Promotes world trade by reducing tariffs/barriers
-Negotiates to reassess trade barriers
-Establish rules for trade
-Imposes trade sanctions
-Mediates trade disputes
-Improvements in trade/investment flows
When was the WTO established? - ANSWERSJanuary 1995
When was the GATT established? - ANSWERS1947
2 parts of the GATT - ANSWERSWorld bank, IMF
What is said about the GATT? - ANSWERS"A remarkable success story of a postwar international
organization that was never intended to become one."
What did member countries of the GATT receive? - ANSWERSMost favorable nation status
, What was the successor of the GATT? - ANSWERSWorld Trade Organization
What is the WTO responsible for? - ANSWERS-General Agreement on Trade in Services (GATS)
-Agreements on Trade Related aspects of Intellectual Property Rights (TRIPS)
Trade Related Investment Measures (TRIMS)
Economic Community - ANSWERSGroup of nations organized to work toward common goals in
the regulation of international trade
Examples of Regional Free Trade Zones - ANSWERS-European Union (EU) - one of world's single
largest markets
-North American Free Trade Agreement (NAFTA)
-Central American Free Trade Agreement (CAFTA-DR)
-Union of South American Nations (UNASUR)
Free Trade Area - ANSWERSGoods and services are freely traded among member countries
Example of a free trade area - ANSWERSNAFTA
Customs Union - ANSWERSEstablishes a common trade policy with respect to nonmembers
Example of a customs union - ANSWERSSouth African Customs Union
Common Market - ANSWERSFactors of production are mobile, so capital, labor, and technology
may be employed in their most productive uses
Armbrister
General Agreement on Tariffs and Trade (GATT) - ANSWERS-Rules for nondiscrimination,
transparency, and settlement of disputes for international trade
-Became less effective over time
World Trade Organization (WTO) - ANSWERS-Promotes world trade by reducing tariffs/barriers
-Negotiates to reassess trade barriers
-Establish rules for trade
-Imposes trade sanctions
-Mediates trade disputes
-Improvements in trade/investment flows
When was the WTO established? - ANSWERSJanuary 1995
When was the GATT established? - ANSWERS1947
2 parts of the GATT - ANSWERSWorld bank, IMF
What is said about the GATT? - ANSWERS"A remarkable success story of a postwar international
organization that was never intended to become one."
What did member countries of the GATT receive? - ANSWERSMost favorable nation status
, What was the successor of the GATT? - ANSWERSWorld Trade Organization
What is the WTO responsible for? - ANSWERS-General Agreement on Trade in Services (GATS)
-Agreements on Trade Related aspects of Intellectual Property Rights (TRIPS)
Trade Related Investment Measures (TRIMS)
Economic Community - ANSWERSGroup of nations organized to work toward common goals in
the regulation of international trade
Examples of Regional Free Trade Zones - ANSWERS-European Union (EU) - one of world's single
largest markets
-North American Free Trade Agreement (NAFTA)
-Central American Free Trade Agreement (CAFTA-DR)
-Union of South American Nations (UNASUR)
Free Trade Area - ANSWERSGoods and services are freely traded among member countries
Example of a free trade area - ANSWERSNAFTA
Customs Union - ANSWERSEstablishes a common trade policy with respect to nonmembers
Example of a customs union - ANSWERSSouth African Customs Union
Common Market - ANSWERSFactors of production are mobile, so capital, labor, and technology
may be employed in their most productive uses
