I can’t figuere it why these are wrong. Question 7 0/1 pts calls for the reducti

Question

I can’t figuere it why these are wrong. Question 7 0/1 pts calls for the reduction or elimination of trade restrictions on specified imported products across 117 countries. It also led to the creation of the World Trade Organization (WTO). NAFTA GATT O Asia Pacific Union European Union Question 8 0/1 pts The 2002 introduction of the euro as a new European currency has accomplished all of the following except improving trade relations with European and Asian countries allowing firms to focus on one monetary policy eliminating currency transaction costs encouraging more trade among European countries allowing firms to engage in international trade using only one currency

Explanation / Answer

ANS 7.

the correct ans is GATT because

General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis." It was GATT which lead to the creation of WTO.

ANS 8. THE CORRECT ANS IS OPTION A. i.e. improving trade relations with european and asian countries..

this is because introduction of euro has allowed firms to focus on one monetary policy , it has eliminated currency transaction costs, it has encouraged more trade among european coutries and allowed firms to engage in international trade hence, the only unsuitable option is the first one.

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