1. Common coinage was developed in ancient Rome to ensure that business transactions could easily be carried out throughout the empire.
2. The feudal system encouraged the development of an open-state economy.
3. The Smoot-Hawley Act reduced duties to increase the volume of imports into the United States.
4. The belief that international trade was a key to worldwide prosperity led the United States to create a Pax Americana.
5. The MFN is the equal opportunity clause of international trade.
6. In the sugar and confectionery industries, tariffs tend to decrease with the degree of processing.
7. The WTO has ceased to exist as a separate institution and has become part of the GATT.
8. The original goal of the International Monetary Fund (IMF) was to provide for variable exchange rates between member countries.
9. The World Bank was initially formed in 1944 to aid countries suffering from the destruction of war.
10. The Transatlantic Business Dialogue (TBD) is a nongovernmental organization composed of business leaders from Europe and the United States.