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trade In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports had fallen to only 10% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products Retaliatory tariffs by trading partners O War between the United States and New Zealand The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies.

trade In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports had fallen to only 10% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products Retaliatory tariffs by trading partners O War between the United States and New Zealand The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies.

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 1QCMC
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1. Protectionism, GATT, and world trade In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports had fallen to only 10% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products Retaliatory tariffs by trading partners O War between the United States and New Zealand The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies. In the following table, indicate if each of the policies l each GATT policy was implemented. Policy Promotion of protectionism Promotion of lower trade barriers Promotion of trade transparency GATT Policy No Yes Y Yes In the 1970s, multilateral negotiations called the Clear and public trade rules Introduction of countervailing duties Not a GATT policy Settling trade disputes resulted in and caused te the last column by identifying the means by which in U.S. exports
Transcribed Image Text:1. Protectionism, GATT, and world trade In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 30% of their output, realized that their exports had fallen to only 10% of total output. Which of the following is the most likely reason for this decrease in exports? O The low quality of U.S. products Retaliatory tariffs by trading partners O War between the United States and New Zealand The signing of the General Agreement on Tariffs and Trade (GATT) in 1947 resulted in the adoption of several new trade policies. In the following table, indicate if each of the policies l each GATT policy was implemented. Policy Promotion of protectionism Promotion of lower trade barriers Promotion of trade transparency GATT Policy No Yes Y Yes In the 1970s, multilateral negotiations called the Clear and public trade rules Introduction of countervailing duties Not a GATT policy Settling trade disputes resulted in and caused te the last column by identifying the means by which in U.S. exports
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