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Business English Exercises
 

The GATT System

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 406
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the gatt system answer 1
Our world emerged from the ravages of World War II in 1945.

Correct answer: (c) ravages

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the gatt system answer 2
The challenge then was to reconstruct economic stability in the face of pervasive disorder and enormous dislocation, to regain a feeling of global community and establish a base for future prosperousness and growth.

Correct answer: (d) pervasive

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the gatt system answer 3
The engineers of a new system had to construct from the ground up, and they demonstrated vision and far-sightedness; after fifty years of progress raised on the foundations that they laid then, we now often take for granted that which was new and imaginative at at that time.

Correct answer: (c) up

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the gatt system answer 4
The late 1940s was not only about the finish of the most devastating war ever waged; it was also concerned with the control of dangerous economic nationalism and the quest for a new world order.

Correct answer: (c) waged

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the gatt system answer 5
Defending a rules-based system on a daily basis has been greatly assisted by the fact that the system gave primacy to the markets rather than the governments in deciding economic outcomes.

Correct answer: (b) primacy

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the gatt system answer 6
The governments abrogated their responsibility, but concentrated on creating basic conditions for prosperity and promoting liberalization; they considered direct intervention only under circumstances where markets were thought wanting.

Correct answer: (b) abrogated

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the gatt system answer 7
The key idea of the rules-based system is non-discrimination, and this emerged from the conviction that exclusive dealings and in-groups helped stoke those rivalries and conflicts that drove the community of nations into the Second World War.

Correct answer: (d) conviction

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the gatt system answer 8
The patchwork quilt of agreements that had undermined the unity and continuity of interwar economic relations was replaced with unified rules.

Correct answer: (d) quilt

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the gatt system answer 9
And more basically, the non-discrimination principle enshrined universality as a central goal of the trade system, guaranteeing that the GATT system would eventually become a force majeure in the integration of the world's economies.

Correct answer: (a) enshrined

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the gatt system answer 10
Answers for the challenges that goverments face today and tomorrow will continue to call for concerted action on a range of fronts.

Correct answer: (d) concerted

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EFL/ESL Links: Foreign Shares • Currency vocab balanced, irredeemable, actuarial, digits, merchant • Foreign Shares (Answers) • List of bonds words american, costing, open market, london • Routing Orders • Banking term list direct, taxable, straddle, secured, confidentiality • Routing Orders (Answers) • Accounting terminology flow, original, prime, class, restricted • Pending Benefits • Investor relations terms nonlegal, jointly, listed, waiting • Pending Benefits (Answers) • Venture capital words ex-all, mutual, trust fund, little • The Best of Both Worlds • Business words due, preferred, spread, sleeper, coupon • The Best of Both Worlds (Answers) • Trading words balanced, hedge, commitment, exchange • Virtual Economy • Insurance vocabulary actuarial, suitability, remics, inflection • Virtual Economy (Answers) • Technical analysis words event, firm, spiral, alternative, cost of • Marketing Strategy • Financial words device, inform, spreading, foremost, makes • Marketing Strategy (Answers) • Terms of stock haphazard, meet, central, fall, address • Services Marketing • Business vocabulary disposition, lifelong, induction, facing • Services Marketing (Answers) • Retirement words perish, inseparable, ownership, deterioration • ESL test: The GATT System • Brokerages term concerted, enshrined, quilt, conviction, abrogated • ESL Audio Online - English MP3 - English Pronunciation
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