Because of the reduction of tariff barriers under GATT and WTO, the GDP of the United States since 1947 has been
lower.
inconsistent.
higher.
minimally lower.
stayed the same.
One of the drawbacks to universal free trade in the United States mentioned in the video was
lower GDP.
increase in inflation.
lack of controls.
loss of employment.
lack of uniformity.
Expert Answer
1.
Higher
Due to WTO and GATT, the trade liberalization took place and new markets got opened up in different countries. It created opportunities for the US MNCs to export in these markets. It contributed to the increase in GDP of the USA as net exports increased.
2.
Loss of employment
Due to
OR
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