The World Trade Organization (WTO) was built on the basis of the General Agreement on Tariffs and Trade (GATT) and, thus, inherited many of its features. Still, the WTO proved to be a very distinct institution. Indicate whether each property in the following table is a unique property of the WTO compared to GATT. Property Oversees tariff cuts and reduction of nontariff measures Enforces dispute settlements Encourages retaliatory tariffs Reduces national sovereignty Acts as a membership organization Unique Property of WTO Yes No O 00 When can Japan raise tariffs on imports from a country that is a member of the WTO? Never, because Japan is a member of the WTO Whenever it wants to because Japan is not a member of the WTO When imports from that country threaten serious injury to Japanese producers O Whenever it wants to as long as it has no free-trade agreement with that country

The World Trade Organization (WTO) was built on the basis of the General Agreement on Tariffs and Trade (GATT) and, thus, inherited many of its features. Still, the WTO proved to be a very distinct institution. Indicate whether each property in the following table is a unique property of the WTO compared to GATT. Property Oversees tariff cuts and reduction of nontariff measures Enforces dispute settlements Encourages retaliatory tariffs Reduces national sovereignty Acts as a membership organization Unique Property of WTO Yes No O 00 When can Japan raise tariffs on imports from a country that is a member of the WTO? Never, because Japan is a member of the WTO Whenever it wants to because Japan is not a member of the WTO When imports from that country threaten serious injury to Japanese producers O Whenever it wants to as long as it has no free-trade agreement with that country

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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