Question

1.) What caused the increase in the competitive rivalry among industrialized countries in the late 20th Century?

a. declining population growth rates

b. energy shortages

c. rising ethnic nationalism

d. slower and unstable growth rates

e. failure of the world trade organization policies

2.) GATT (General Agreement on Tariffs and Trade) was the forerunner of what international organization of today?

a. international monetary fund

b. world trade organization

c. world bank

d. North American free trade agreement

e. European Union

3.) What must a country give up in order to be a member of the World Trade Organization?

its language

part of its sovereignty

some land that can be used for WTO functions

all of the above

a large membership fee

4.) Taken together, labor, capital, technology, entrepreneurship, and land containing raw materials are called

a. comparative advantage

b. terms of trade

c. demand conditions

d. factors of production

e. factors of consumption

Answer 1

1) Answer: e) failure of world trade organisation policies.
Reason: The failure of world trade organisation is establish a free and fair trade route among nations has been major cause of competitive rivalry among industralised nations.

2.Answer: B. World Trade organisation.
Reason: GATT was an agreement between 23 nations focusing in reducing trade barriers. It was replaced by intergovernmental international organisation- World trade organisation in 1995.
3. Answer: B. part of its sovereignty.
Reason: By becoming a member of WTO, the country has to follow certain directives of the organisation that influences major national policies and decisions of the country.
4. Answer: D. Factors of production.
The factors of production are those that help in the process of production. They include land, capital, technology, entrepreneurship