Up through the early decades of the 20th century, many countries remained closed to trade, charging high tariffs or imposing strict quotas on imported goods. In 1948, 23 countries joined the General Agreement on Tariffs and Trade (GATT), which sought to set out rules for trade and enhance future negotiations. The reduction in tariffs as a result of GATT probably brought about:
A) a decrease in consumption.
B) an increase in consumption.
C) no change in consumption.
D) a reduction in domestic production.

Question

Quizplus · Accepted Answer

The reduction in tariffs typically leads to lower prices for imported goods, making them more accessible to consumers, which generally results in an increase in consumption.

Up Through the Early Decades of the 20th Century, Many