Question 1    Multiple Choice  0 of 1 point(s)    
  
Although the trade deficit in the U.S. peaked in 1987 at more than $170 billion, by the end of 1992, the annual deficit rate was still running about  
 Your Answer:  125 billion.  
Correct Answer:  80 billion.  
Feedback: Difficulty: HardPage: 196 
 


  Question 2    Multiple Choice  0 of 1 point(s)    
  
By far, the oldest economic argument for government intervention into the free flow of trade is the __________ argument.  
 Your Answer:  proprietary industry  
Correct Answer:  infant industry  
Feedback: Difficulty: EasyPage: 190 
 


  Question 3    True/False  0 of 1 point(s)    
  
Administrative trade policies are bureaucratic rules that are designed to make it easy for imports to enter a country.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: MediumPage: 185 
 


  Question 4    Multiple Choice  1 of 1 point(s)    
  
__________ are the oldest and simplest instrument of trade policy.  
 Your Answer:  Tariffs  
Correct Answer:  Tariffs  
Feedback: Difficulty: MediumPage: 180 
 


  Question 5    True/False  1 of 1 point(s)    
  
Tariffs increase the overall efficiency of the world economy because a protective tariff encourages domestic firms to produce products at home, in theory, which could be produced more efficiently abroad.  
 Your Answer:  false 
Correct Answer:  false 
Feedback: Difficulty: HardPage: 181 
 


  Question 6    Multiple Choice  0 of 1 point(s)    
  
Local content regulations have been widely used by _____to shift their manufacturing base from the simple assembly of products whose parts are manufactured elsewhere into the local manufacture of component parts.  
 Your Answer:  developed nations  
Correct Answer:  developing nations  
Feedback: Difficulty: MediumPage: 184 
 


  Question 7    Multiple Choice  0 of 1 point(s)    
  
What is the ultimate objective of antidumping policies?  
 Your Answer:  Protect host governments from the loss of legitimate tax revenue  
Correct Answer:  Protect domestic producers from “unfair” foreign competition  
Feedback: Difficulty: MediumPage: 186 
 


  Question 8    True/False  0 of 1 point(s)    
  
From the point of view of a domestic producer of parts going into a final product, local content requirements provide protection in the same way an import quota does: by limiting foreign competition.  
 Your Answer:  false 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 184 
 


  Question 9    Multiple Choice  0 of 1 point(s)    
  
Both import quotas and VERs benefit ______ by limiting import competition, but they result in higher prices, which hurts __________.  
 Your Answer:  foreign producers, governments  
Correct Answer:  domestic producers, consumers  
Feedback: Difficulty: HardPage: 184 
 


  Question 10    Multiple Choice  0 of 1 point(s)    
  
If Westvaco decided to produce paper in Spain, and the Spanish government stipulated that 50% of the component parts that went into Westvaco's paper must be produced locally, that requirement would be an example of a(n)  
 Your Answer:  ad valorem content requirement.  
Correct Answer:  local content requirement.  
Feedback: Difficulty: MediumPage: 184 
 

Question 1    Multiple Choice  1 of 1 point(s)    
  
__________ are the oldest and simplest instrument of trade policy.  
 Your Answer:  Tariffs  
Correct Answer:  Tariffs  
Feedback: Difficulty: MediumPage: 180 
 


  Question 2    Multiple Choice  1 of 1 point(s)    
  
The Uruguay Round of the GATT agreement lasted for:  
 Your Answer:  seven years  
Correct Answer:  seven years  
Feedback: Difficulty: HardPage: 196 
 


  Question 3    True/False  1 of 1 point(s)    
  
Countries sometimes argue that it is important to protect certain industries for reasons of national security.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 187 
 


  Question 4    True/False  0 of 1 point(s)    
  
The D'Amato Act is legislation that allows Americans to sue foreign firms that use property in Cuba confiscated from them after the 1959 revolution.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: HardPage: 190 
 


  Question 5    True/False  1 of 1 point(s)    
  
Consumers are benefited by quotas.  
 Your Answer:  false 
Correct Answer:  false 
Feedback: Difficulty: EasyPage: 184 
 


  Question 6    Multiple Choice  0 of 1 point(s)    
  
The __________ is legislation that is similar to the Helms-Burton Act, but is aimed at Libya and Iran.  
 Your Answer:  Perkin's Act  
Correct Answer:  D'Amato Act  
Feedback: Difficulty: HardPage: 190 
 


  Question 7    Multiple Choice  1 of 1 point(s)    
  
A quota on trade imposed by the exporting country, typically at the request of the importing country's government is referred to as a(n)  
 Your Answer:  voluntary export restraint.  
Correct Answer:  voluntary export restraint.  
Feedback: Difficulty: MediumPage: 183 
 


  Question 8    Multiple Choice  0 of 1 point(s)    
  
According to the textbook, Paul Krugman, a professor at MIT, predicts that a country that attempts to use strategic trade policy to establish a domestic firm (or firms) in a dominant position in a global industry will probably  
 Your Answer:  succeed fairly smoothly.  
Correct Answer:  provoke retaliation.  
Feedback: Difficulty: MediumPage: 193 
 


  Question 9    Multiple Choice  1 of 1 point(s)    
  
By far, the oldest economic argument for government intervention into the free flow of trade is the __________ argument.  
 Your Answer:  infant industry  
Correct Answer:  infant industry  
Feedback: Difficulty: EasyPage: 190 
 


  Question 10    Multiple Choice  1 of 1 point(s)    
  
The WTO's policing and enforcement mechanisms are having ______ on world trade, according to the textbook.  
 Your Answer:  a positive effect  
Correct Answer:  a positive effect  
Feedback: Difficulty: MediumPage: 197 
 


 Question 1    Multiple Choice  1 of 1 point(s)    
  
According to _______, subsidies can help a firm achieve a first-mover advantage in an emerging industry.  
 Your Answer:  strategic trade policy  
Correct Answer:  strategic trade policy  
Feedback: Difficulty: HardPage: 183 
 


  Question 2    Multiple Choice  1 of 1 point(s)    
  
__________ status allows countries to export goods to the U.S. under favorable terms.  
 Your Answer:  Most favored nation  
Correct Answer:  Most favored nation  
Feedback: Difficulty: MediumPage: 190 
 


  Question 3    True/False  0 of 1 point(s)    
  
A direct restriction on the quantity of some good that may be imported into a country is an import quota.  
 Your Answer:  false 
Correct Answer:  true 
Feedback: Difficulty: EasyPage: 183 
 


  Question 4    Multiple Choice  0 of 1 point(s)    
  
Governments typically pay for subsidies by:  
 Your Answer:  issuing new currency  
Correct Answer:  taxing individuals  
Feedback: Difficulty: MediumPage: 183 
 


  Question 5    Multiple Choice  0 of 1 point(s)    
  
An import quota is a direct restriction on the quantity of some good that may be  
 Your Answer:  subsidized by a country.  
Correct Answer:  imported into a country.  
Feedback: Difficulty: EasyPage: 183 
 


  Question 6    True/False  0 of 1 point(s)    
  
GATT rules had applied only to manufactured goods and commodities until the Uruguay Round.  
 Your Answer:  false 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 196 
 


  Question 7    Multiple Choice  1 of 1 point(s)    
  
______ is the main effect of the Uruguay Round Agreement on Agricultural products.  
 Your Answer:  Farm subsidies will be reduced  
Correct Answer:  Farm subsidies will be reduced  
Feedback: Difficulty: MediumPage: 196 
 


  Question 8    Multiple Choice  0 of 1 point(s)    
  
Some would argue that (the) _______ is the master of administrative trade policies.  
 Your Answer:  United States  
Correct Answer:  Japan  
Feedback: Difficulty: MediumPage: 186 
 


  Question 9    Multiple Choice  0 of 1 point(s)    
  
In general, what are two types of arguments for government intervention into the free flow of trade?  
 Your Answer:  Patriotic and sociocultural  
Correct Answer:  Political and economic  
Feedback: Difficulty: MediumPage: 186-187 
 


  Question 10    True/False  1 of 1 point(s)    
  
The infant industry argument is the oldest economic argument for government intervention.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 191 
 

Question 1    Multiple Choice  1 of 1 point(s)    
  
Local content requirements benefit the _____ of component parts, but they raise prices of imported components, which hurts ______.  
 Your Answer:  producers, consumers  
Correct Answer:  producers, consumers  
Feedback: Difficulty: HardPage: 185 
 


  Question 2    True/False  0 of 1 point(s)    
  
The GATT has not yet recognized the infant industry argument as a legitimate reason for protectionism.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: HardPage: 191 
 


  Question 3    Multiple Choice  1 of 1 point(s)    
  
Both import quotas and VERs benefit ______ by limiting import competition, but they result in higher prices, which hurts __________.  
 Your Answer:  domestic producers, consumers  
Correct Answer:  domestic producers, consumers  
Feedback: Difficulty: HardPage: 184 
 


  Question 4    Multiple Choice  1 of 1 point(s)    
  
If Westvaco decided to produce paper in Spain, and the Spanish government stipulated that 50% of the component parts that went into Westvaco's paper must be produced locally, that requirement would be an example of a(n)  
 Your Answer:  local content requirement.  
Correct Answer:  local content requirement.  
Feedback: Difficulty: MediumPage: 184 
 


  Question 5    Multiple Choice  1 of 1 point(s)    
  
Bureaucratic rules that are designed to make it difficult for imports to enter a country are referred to as  
 Your Answer:  administrative trade policies.  
Correct Answer:  administrative trade policies.  
Feedback: Difficulty: EasyPage: 186 
 


  Question 6    Multiple Choice  1 of 1 point(s)    
  
Tariffs cause the most damage to __________, according to the author of the textbook, because this group bears the economic brunt of tariffs.  
 Your Answer:  consumers  
Correct Answer:  consumers  
Feedback: Difficulty: MediumPage: 181 
 


  Question 7    Multiple Choice  0 of 1 point(s)    
  
From the point of view of a domestic producer of parts going into a final product, local content regulations provide protection in the same way an import quota does:  
 Your Answer:  by increasing tariffs  
Correct Answer:  by limiting foreign competition  
Feedback: Difficulty: MediumPage: 185 
 


  Question 8    True/False  0 of 1 point(s)    
  
The main gains from subsidies benefit importers, whose international competitiveness is increased as a result of them.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: MediumPage: 183 
 


  Question 9    True/False  1 of 1 point(s)    
  
A direct restriction on the quantity of some good that may be imported into a country is an import quota.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: EasyPage: 183 
 


  Question 10    True/False  1 of 1 point(s)    
  
Countries sometimes argue that it is important to protect certain industries for reasons of national security.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 187 
 

Question 1    Multiple Choice  0 of 1 point(s)    
  
Which of the following is not a component of the Uruguay Round agreement?  
 Your Answer:  Agricultural subsidies will be substantially reduced.  
Correct Answer:  Tariffs on industrial goods will be increased by more the one-half  
Feedback: Difficulty: HardPage: 196 
 


  Question 2    Multiple Choice  1 of 1 point(s)    
  
_______ arguments for government intervention into international trade are typically concerned with boosting the overall wealth of a nation.  
 Your Answer:  Economic  
Correct Answer:  Economic  
Feedback: Difficulty: EasyPage: 187 
 


  Question 3    Multiple Choice  1 of 1 point(s)    
  
In general, what are two types of arguments for government intervention into the free flow of trade?  
 Your Answer:  Political and economic  
Correct Answer:  Political and economic  
Feedback: Difficulty: MediumPage: 186-187 
 


  Question 4    Multiple Choice  0 of 1 point(s)    
  
Advocates of strategic trade policy favor the use of __________ to help domestic firms achieve a dominant position in those industries where economies of scale are important and the world market is not large enough to profitably support more than a few firms (e.g. aerospace, semiconductors).  
 Your Answer:  tariffs  
Correct Answer:  subsidies  
Feedback: Difficulty: HardPage: 183 
 


  Question 5    Multiple Choice  1 of 1 point(s)    
  
Some would argue that (the) _______ is the master of administrative trade policies.  
 Your Answer:  Japan  
Correct Answer:  Japan  
Feedback: Difficulty: MediumPage: 186 
 


  Question 6    Multiple Choice  0 of 1 point(s)    
  
Local content regulations have been widely used by _____to shift their manufacturing base from the simple assembly of products whose parts are manufactured elsewhere into the local manufacture of component parts.  
 Your Answer:  1st world countries  
Correct Answer:  developing nations  
Feedback: Difficulty: MediumPage: 184 
 


  Question 7    Multiple Choice  1 of 1 point(s)    
  
The __________ is legislation that is similar to the Helms-Burton Act, but is aimed at Libya and Iran.  
 Your Answer:  D'Amato Act  
Correct Answer:  D'Amato Act  
Feedback: Difficulty: HardPage: 190 
 


  Question 8    Multiple Choice  0 of 1 point(s)    
  
The Corn Laws  
 Your Answer:  were repealed after record harvests in Britain.  
Correct Answer:  placed a high tariff on corn imported into Britain.  
Feedback: Difficulty: HardPage: 194 
 


  Question 9    True/False  1 of 1 point(s)    
  
The infant industry argument is the oldest economic argument for government intervention.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 191 
 


  Question 10    Multiple Choice  1 of 1 point(s)    
  
Trade barriers __________ the costs of exporting products to a country.  
 Your Answer:  raise  
Correct Answer:  raise  
Feedback: Difficulty: MediumPage: 206 
 


Question 1    Multiple Choice  1 of 1 point(s)    
  
The __________ is legislation that is similar to the Helms-Burton Act, but is aimed at Libya and Iran.  
 Your Answer:  D'Amato Act  
Correct Answer:  D'Amato Act  
Feedback: Difficulty: HardPage: 190 
 


  Question 2    True/False  1 of 1 point(s)    
  
A direct restriction on the quantity of some good that may be imported into a country is an import quota.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: EasyPage: 183 
 


  Question 3    True/False  0 of 1 point(s)    
  
The Helms-Burton Act was designed to protect the jobs of Europe's politically powerful farmers by restricting imports and guaranteeing prices.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: HardPage: 190 
 


  Question 4    Multiple Choice  1 of 1 point(s)    
  
Which of the following refers to a situation where a government does not attempt to restrict what its citizens can buy from another country or what they can sell to another country?  
 Your Answer:  Free trade  
Correct Answer:  Free trade  
Feedback: Difficulty: EasyPage: 180 
 


  Question 5    Multiple Choice  1 of 1 point(s)    
  
Lowering production costs helps domestic producers  
 Your Answer:  gain export markets.  
Correct Answer:  gain export markets.  
Feedback: Difficulty: MediumPage: 182 
 


  Question 6    Multiple Choice  1 of 1 point(s)    
  
The ______ was created to arbitrate trade disputes and monitor the trade policies of member countries as a result of the Uruguay Round agreement.  
 Your Answer:  World Trade Organization  
Correct Answer:  World Trade Organization  
Feedback: Difficulty: MediumPage: 197 
 


  Question 7    Multiple Choice  1 of 1 point(s)    
  
__________ are the oldest and simplest instrument of trade policy.  
 Your Answer:  Tariffs  
Correct Answer:  Tariffs  
Feedback: Difficulty: MediumPage: 180 
 


  Question 8    Multiple Choice  1 of 1 point(s)    
  
Perhaps the most common political argument for government intervention into the free flow of trade is that  
 Your Answer:  it is necessary for protecting jobs and industries from foreign competition.  
Correct Answer:  it is necessary for protecting jobs and industries from foreign competition.  
Feedback: Difficulty: MediumPage: 187 
 


  Question 9    True/False  1 of 1 point(s)    
  
An industry that has long operated with import quotas is the textile industry.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 184 
 


  Question 10    Multiple Choice  0 of 1 point(s)    
  
__________ are levied as a fixed charge for each for each unit of a good imported.  
 Your Answer:  General tariffs  
Correct Answer:  Specific tariffs  
Feedback: Difficulty: EasyPage: 181 
 

Question 1    Multiple Choice  1 of 1 point(s)    
  
While __________ tariffs are levied as a fixed charge for each unit of a good imported, __________ tariffs are levied as a proportion of the value of the imported good.  
 Your Answer:  specific, ad valorem  
Correct Answer:  specific, ad valorem  
Feedback: Difficulty: MediumPage: 181 
 


  Question 2    True/False  1 of 1 point(s)    
  
Governments sometimes use trade policy to support their foreign policy objectives.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: EasyPage: 190 
 


  Question 3    True/False  1 of 1 point(s)    
  
The Helms-Burton Act was designed to protect the jobs of Europe's politically powerful farmers by restricting imports and guaranteeing prices.  
 Your Answer:  false 
Correct Answer:  false 
Feedback: Difficulty: HardPage: 190 
 


  Question 4    True/False  1 of 1 point(s)    
  
An industry that has long operated with import quotas is the textile industry.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 184 
 


  Question 5    Multiple Choice  1 of 1 point(s)    
  
________ arguments challenge the rationale for unrestricted free trade found in the work of classic trade theorists such as Adam Smith and David Ricardo.  
 Your Answer:  Economic justification  
Correct Answer:  Economic justification  
Feedback: Difficulty: MediumPage: 193 
 


  Question 6    True/False  0 of 1 point(s)    
  
Against the background of rising pressures for protectionism, in 1986 the members of the GATT embarked on their eighth round of negotiations to reduce tariffs, the Brussels Round.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: MediumPage: 196 
 


  Question 7    True/False  1 of 1 point(s)    
  
From the point of view of a domestic producer of parts going into a final product, local content requirements provide protection in the same way an import quota does: by limiting foreign competition.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 184 
 


  Question 8    Multiple Choice  0 of 1 point(s)    
  
Aimed at avoiding rising unemployment by protecting domestic industry and diverting consumer demand away from foreign products, the ______ tariff erected an enormous wall of tariff barriers.  
 Your Answer:  Heckscher-Ohlin  
Correct Answer:  Smott-Hawley Act  
Feedback: Difficulty: HardPage: 195 
 


  Question 9    Multiple Choice  0 of 1 point(s)    
  
Antidumping duties are often called:  
 Your Answer:  special circumstance duties  
Correct Answer:  countervailing duties  
Feedback: Difficulty: HardPage: 186 
 


  Question 10    Multiple Choice  0 of 1 point(s)    
  
One of the most famous examples of a(n) __________ is the limitation on auto exports to the United States enforced by Japanese automobile producers in 1981.  
 Your Answer:  involuntary import restraint  
Correct Answer:  voluntary export restraint  
Feedback: Difficulty: HardPage: 183 
 

Question 1    True/False  1 of 1 point(s)    
  
Consumers are benefited by quotas.  
 Your Answer:  false 
Correct Answer:  false 
Feedback: Difficulty: EasyPage: 184 
 


  Question 2    True/False  0 of 1 point(s)    
  
Administrative trade policies are bureaucratic rules that are designed to make it easy for imports to enter a country.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: MediumPage: 185 
 


  Question 3    True/False  0 of 1 point(s)    
  
The extra profit that producers make when supply is artificially limited by an import quota is referred to as a quota subsidy.  
 Your Answer:  true 
Correct Answer:  false 
Feedback: Difficulty: MediumPage: 184 
 


  Question 4    Multiple Choice  1 of 1 point(s)    
  
A quota on trade imposed by the exporting country, typically at the request of the importing country's government is referred to as a(n)  
 Your Answer:  voluntary export restraint.  
Correct Answer:  voluntary export restraint.  
Feedback: Difficulty: MediumPage: 183 
 


  Question 5    True/False  1 of 1 point(s)    
  
Ad valorem tariffs are levied as a proportion of the value of the imported good.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 181 
 


  Question 6    Multiple Choice  0 of 1 point(s)    
  
According to our textbook, there are __________ economic arguments for supporting unrestricted free trade.  
 Your Answer:  no  
Correct Answer:  strong  
Feedback: Difficulty: EasyPage: 194 
 


  Question 7    Multiple Choice  1 of 1 point(s)    
  
What demands that some specific fraction of a good be produced domestically?  
 Your Answer:  Local content requirement  
Correct Answer:  Local content requirement  
Feedback: Difficulty: EasyPage: 184 
 


  Question 8    Multiple Choice  1 of 1 point(s)    
  
Which of the following is not a component of the Uruguay Round agreement?  
 Your Answer:  Tariffs on industrial goods will be increased by more the one-half  
Correct Answer:  Tariffs on industrial goods will be increased by more the one-half  
Feedback: Difficulty: HardPage: 196 
 


  Question 9    True/False  1 of 1 point(s)    
  
The infant industry argument is the oldest economic argument for government intervention.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 191 
 


  Question 10    Multiple Choice  1 of 1 point(s)    
  
Although the trade deficit in the U.S. peaked in 1987 at more than $170 billion, by the end of 1992, the annual deficit rate was still running about  
 Your Answer:  80 billion.  
Correct Answer:  80 billion.  
Feedback: Difficulty: HardPage: 196 
 

Question 1    True/False  1 of 1 point(s)    
  
Governments typically pay for subsidies by taxing individuals.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 183 
 


  Question 2    Multiple Choice  1 of 1 point(s)    
  
Trade barriers __________ the costs of exporting products to a country.  
 Your Answer:  raise  
Correct Answer:  raise  
Feedback: Difficulty: MediumPage: 206 
 


  Question 3    True/False  1 of 1 point(s)    
  
Ad valorem tariffs are levied as a proportion of the value of the imported good.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 181 
 


  Question 4    Multiple Choice  1 of 1 point(s)    
  
Local content requirements benefit the _____ of component parts, but they raise prices of imported components, which hurts ______.  
 Your Answer:  producers, consumers  
Correct Answer:  producers, consumers  
Feedback: Difficulty: HardPage: 185 
 


  Question 5    Multiple Choice  1 of 1 point(s)    
  
Some would argue that (the) _______ is the master of administrative trade policies.  
 Your Answer:  Japan  
Correct Answer:  Japan  
Feedback: Difficulty: MediumPage: 186 
 


  Question 6    Multiple Choice  1 of 1 point(s)    
  
From the point of view of a domestic producer of parts going into a final product, local content regulations provide protection in the same way an import quota does:  
 Your Answer:  by limiting foreign competition  
Correct Answer:  by limiting foreign competition  
Feedback: Difficulty: MediumPage: 185 
 


  Question 7    True/False  1 of 1 point(s)    
  
In regard to tariffs, consumers lose because they must pay more for certain imports.  
 Your Answer:  true 
Correct Answer:  true 
Feedback: Difficulty: MediumPage: 181 
 


  Question 8    Multiple Choice  1 of 1 point(s)    
  
An import quota is a direct restriction on the quantity of some good that may be  
 Your Answer:  imported into a country.  
Correct Answer:  imported into a country.  
Feedback: Difficulty: EasyPage: 183 
 


  Question 9    Multiple Choice  1 of 1 point(s)    
  
______ is the main effect of the Uruguay Round Agreement on Agricultural products.  
 Your Answer:  Farm subsidies will be reduced  
Correct Answer:  Farm subsidies will be reduced  
Feedback: Difficulty: MediumPage: 196 
 


  Question 10    Multiple Choice  1 of 1 point(s)    
  
The ______ was created to arbitrate trade disputes and monitor the trade policies of member countries as a result of the Uruguay Round agreement.  
 Your Answer:  World Trade Organization  
Correct Answer:  World Trade Organization  
Feedback: Difficulty: MediumPage: 197