Author Question: In the decision about whether to outsource, research and development is considered of low importance ... (Read 77 times)

jman1234 · **on:** Jul 7, 2018

In the decision about whether to outsource, research and development is considered of low importance to a firm.

Indicate whether the statement is true or false

Question 2

In a short essay, explain how the GATT changed international trade.

What will be an ideal response?

Joc · **Reply #1 on:** Jul 7, 2018

Answer to Question 1

FALSE

Answer to Question 2

In 1947, twenty-three nations signed the General Agreements on Tariffs and Trade (GATT), the first global effort to systematically reduce trade barriers worldwide. The organization proved extremely effective and resulted in the greatest global decline in trade barriers in history. The GATT created: 1. a process to reduce tariffs through continuous negotiations among member nations; 2. an agency to serve as a watchdog over world trade; 3. a forum for resolving trade disputes.
The GATT introduced the concept of most favored nation (renamed normal trade relations in 1998), according to which each signatory nation agreed to extend the tariff reductions covered in a trade agreement with a trading partner to all other countries. Thus, a concession to one country became a concession to all.