1. For much of the time since the Second World War, the majority of South Americ

Question

1. For much of the time since the Second World War, the majority of South American countries followed the policy of:

a.strategic trade

b.import substitution f

c.fee trade

d.export promotion

2. The principle that the political acts of government cannot be adjudicated in court is:

a.sovereign immunity

b.common law

c.comity

d.extraterritoriality

3. The World Trade Organization is the successor to the:

a. North American Free Trade Agreement

b.League of Nations

c.Mercosur Accord

d.General Agreement on Tariffs and Trade

Explanation / Answer

Import Substitution was followed by the South American countries post 2nd world war. The main objective was to strengthen and protect the local industries with tactics like import quotas and subsidized government loans. Sovereign immunity is a legal doctrine which makes the state immune from criminal prosecution or civil suit. General Agreement on Tariffs and Trade: It was established in the wake of Second World War.

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