99. Enacted in 1930 by the U.S. Congress, Smoot-Hawley Act:
100. A particularly odd aspect of the Smoot-Hawley tariff-raising binge was that the United
States was running a balance-of-payment surplus at the time and it was the world’s largest _____
nation.
101. The Smoot-Hawley Act had a damaging effect on _____.
102. Which of the following multilateral agreements was established under U.S. leadership in
1947, with the objective to liberalize trade by eliminating tariffs, subsidies, import quotas, and the
like?
103. Which of the following statements is true regarding GATT?
104. One of the reasons why protectionist pressures arose around the world during the 1980s
was:
105. Which of the following is most likely to be the reason for the rise in protectionist
pressures around the world during the 1980s?
106. Which of the following best explains the reason for rise in protectionist pressures around
the world during the 1980s?
107. _____ is one of the ways in which countries can circumvent GATT regulations and is best
exemplified by the agreement between Japan and America under which Japanese producers
promised to limit their auto imports into the United States.
108. Bilateral voluntary export restraints, or VERs, circumvented GATT agreements, because:
109. The main effect of the Uruguay Round Agreement on agriculture sector was:
110. Which of the following is a provision of the Uruguay Round Agreement?
111. The _____ was created to implement the GATT agreement.
112. Which of the following organizations, established in 1995 under the provisions of the
Uruguay Round, has taken over the responsibility to arbitrate trade disputes and monitor the
trade policies of member countries?
113. The WTO’s Agreement on _____ is an attempt to narrow the gaps in the way intellectual
property rights are protected around the world and to bring them under common international
rules.
114. Which of the following indicates the difference between GATT and WTO?
115. Which of the following is true regarding the difference between GATT and WTO?
116. Which of the following industries was the first to be targeted for reform under WTO
regulations governing foreign direct investment?
117. The WTO was encouraged to extend its reach to encompass regulations governing
foreign direct investment, something the GATT had never done. Two of the first industries
targeted for this reform were:
118. Which of the following countries, with minor exceptions, is fully open to inward
investment by foreign banks, insurance, and security companies?