Author Question: The GATT principle that called for mutual lowering of trade barriers between trading partners was ... (Read 54 times)

panfilo · **on:** Sep 3, 2018

The GATT principle that called for mutual lowering of trade barriers between trading partners was known as _____ .

a. reciprocity
b. convertibility
c. nondiscrimination
d. outsourcing

Question 2

Even if outsourcing decreases the wage levels of some states, liberal economic theory and empirical evidence show that

a. the decreasing wage level is offset by an increase in purchasing power.
b. low wage levels tend to result in high levels of unemployment.
c. inflation tends to occur in globalized states.
d. in the long run, there is no incentive for companies to hire domestic labor.