In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 60% of their output, realizedthat their exports had fallen to only 20% of total output. Which of the following is the most likely reason for this decrease in exports?O The low quality of U.S. productsO war between the United States and CanadaO Retaliatory tariffs by trading partnersThe 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 listed was a result of GATT. Then, complete the last column by identifying the means by whicheach GATT policy was implemented.PolicyGATT PolicyImplementationPromotion of protectionismClear and public trade rulesPromotion of lower trade barriersYes vInstitution of the WTOPromotion of trade transparencySettling trade disputesIn the 1960s, multilateral negotiations called the Uruguay Roundresulted inhigher subsidies to manufacturersv and causeda decrease▼ in U.S. exports.

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In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 60% of their output, realized that their exports had fallen to only 20% 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 O war between the United States and Canada O Retaliatory tariffs by trading partners

In 1932, U.S. manufacturers, which used to enjoy steady relationships with their foreign distributors and export nearly 60% of their output, realized that their exports had fallen to only 20% 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 O war between the United States and Canada O Retaliatory tariffs by trading partners

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 2PA

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