||1. The latest trade round is called the_________ round. 2. The _________ was formed in 1995 to oversee GATT. 3. NAFTA is a free-trade agreement between the United States, Mexico, and _____________. 4. The average tariff rate in the United States is roughly ____________ percent. 5. A Major Change in U.S. Trade Policy? In Chapter 7 of the 2006 Economic Report of the President (www.gpoaccess.gov/eop/download.html), the authors of the report discuss the important changes that occurred in 1934 under the Reciprocal Trade Agreements Act. They contend that it began to move the United States to a policy of more open trade after the Smoot-Hawley tariffs. Identify the key changes enacted in 1934. 6. Expansion in the European Union. When the EU originated, member countries generally had similar standards of living. However, with the most recent expansion of the EU, countries that were less developed joined the developed countries. What implications might the entry of the new countries have for wage inequality within the more established European countries? 7. Trade in Intellectual Property. Trade in international property (for example, patents, licenses, royalty agreements) has been particularly controversial. Go to the intellectual property section of the WTOs Web site (www.wto.org/english/tratop_e/trips_e/trips_e.htm ) and explore some of its case studies. Do developing countries, as well as developed countries; have an interest in protecting intellectual property?