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GATT stands for
General Agreement on Tariffs and Trade
General Agreement on Tax and Trade
General Agreement on Trade and Terms
General Agreement on Tariffs and Tax
None of the above
General Agreement on Tariffs and Trade
GATT is a historical trade agreement; remember it as the precursor to the WTO, where 'Tariffs' and 'Trade' are the essential keywords.
GATT is a historical trade agreement; remember it as the precursor to the WTO, where 'Tariffs' and 'Trade' are the essential keywords.
Analyze the Acronym
GATT stands for General Agreement on Tariffs and Trade. It was a multilateral agreement regulating international trade from 1948 until 1995.
Keyword Verification
G (General) A (Agreement) on T (Tariffs) and T (Trade). Each word corresponds directly to the established international economic terminology.
B: 'Tax' is incorrect as the agreement focused on custom tariffs; C: 'Terms' is a generic noun not present in the official title; D: 'Tax' is incorrect for the same reason as in option B.
A is correct because GATT is the officially recognized international agreement known as the General Agreement on Tariffs and Trade.
For acronym-based questions in GK, focus on the standard terminology used in official economic textbooks as variations like 'Tax' vs 'Tariffs' are common distractors.
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