One goal of the European Common Market was to a. abolish tariffs and import quot

Question

One goal of the European Common Market was to
a. abolish tariffs and import quotas among the member nations
b. abolish tariffs and import quotas between the member nations and the rest of the world
c. discourage the free movement of capital and labor among member nations
d. replace the North Atlantic treaty Organization (NATO)

If the United States exports wheat to foreign countries that levy tariffs on wheat imports, the probable result is that the price of wheat will
a. fall in foreign countries
b. rise in the United States
c. rise in foreign countries
d. rise faster in the United States than in foreign countries

One of the main purposes of the 1947 General Agreement on Tariffs and Trade was to
a. repudiate the most-favored-nation principle
b. encourage bilateral trade agreements between nations
c. promote free trade among nations
d. replace the use of import quotas with tariffs

The primary function of the Export-Import Bank is to assist in
a. guaranteeing markets for U.S. importers
b. financing exports from the United States
c. providing foreign currency to U.S. banking institutions
d. reducing tariff rates between trading nations

Explanation / Answer

a. abolish tariffs and import quotas among the member nations c. rise in foreign countries c. promote free trade among nations a. guaranteeing markets for U.S. importers

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