Understanding GATT: The Full Form Explained
The question asks for the meaning of the acronym GATT. GATT is a significant term in international economic relations.
What does GATT stand for?
GATT stands for General Agreement on Tariffs and Trade. This agreement was established after World War II to regulate and promote international trade among its member countries.
Analyzing the Options for GATT
Let's look at why the correct option is the best fit:
- Option 1: General Agreement on Tariffs and Trade - This option correctly expands the acronym GATT. It accurately reflects the agreement's focus on reducing trade barriers, specifically tariffs (taxes on imported goods) and other trade-related issues.
- Option 2: General Agreement on Tax and Trade - This option is incorrect because GATT specifically deals with tariffs, which are a type of tax on imports, rather than general taxes. The term used is 'Tariffs', not 'Tax'.
- Option 3: General Agreement on Trade and Terms - This option is incorrect. While trade involves terms, the specific focus of GATT was on tariffs and quantitative restrictions, not just general 'terms'.
- Option 4: General Agreement on Tariffs and Tax - Similar to option 2, this is incorrect because the agreement's name focuses on tariffs and broader trade rules, not general 'tax'. The second 'T' stands for 'Trade', not 'Tax'.
Key Information about GATT
The General Agreement on Tariffs and Trade was a foundational agreement for global commerce. Key points include:
- It aimed to create rules for international trade and reduce trade barriers.
- It was signed in 1947 and came into effect in 1948.
- GATT was eventually superseded by the World Trade Organization (WTO) in 1995, following the Uruguay Round of trade negotiations.
Therefore, the correct expansion of GATT is General Agreement on Tariffs and Trade.
Important Questions from Miscellaneous
A stone is thrown horizontally from the top of a 20 m high building with a speed of 12 m/s. It hits the ground at a distance R from the building. Taking g = 10 m/s2 and neglecting air resistance will give :
A sphere of volume V is made of a material with lower density than water. While on Earth, it floats on water with its volume f1V (f1 < 1) submerged. On the other hand, on a spaceship accelerating with acceleration a < g (g is the acceleration due to gravity on Earth) in outer space, its submerged volume in water is f2V. Then:
A railway wagon (open at the top) of mass M1 is moving with speed v1 along a straight track. As a result of rain, after some time it gets partially filled with water so that the mass of the wagon becomes M2 and speed becomes v2. Taking the rain to be falling vertically and the water stationery inside the wagon, the relation between the two speeds v1 and v2 is :
Consider the following statements:
1. Distance between the longitudes becomes zero on North Pole and South Pole.
2. Distance between the longitudes is maximum on the Equator.
3. Number of longitudes is more than number of latitudes.
Which of the statements given above is/are correct?
One block of 2⋅0 kg mass is placed on top of another block of 3⋅0 kg mass. The coefficient of static friction between the two blocks is 0⋅2. The bottom block is pulled with a horizontal force F such that both the blocks move together without slipping. Taking acceleration due to gravity as 10 m/s2, the maximum value of the frictional force is :
