Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 34: Q. 33. (page 832)

What is the general trend of trade barriers over recent decades: higher, lower, or about the same?

Short Answer

Expert verified

Most of the closed economies opened themselves to international market.

Step by step solution

01

Step 1. Meaning of trade barrier.

It refers to the measure that the government takes to control import and export activities. Various trade barriers that the government uses include import and export, tariffs and quotas. Most of the countries prefer to use tariffs rather than quotas.

02

Step 2. Trade barriers are constantly reducing.

Basically, it has been seen that since last few decades more and more closed economies have opened themselves to international market and the trade barriers are constantly reducing which results into:-

a) Increasing the globalization of world economy.

b) Fueling economic growth.

c) Raising living standards.

d) Providing consumers with affordable goods and services.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Explain the logic behind the “race to the bottom” argument and the likely reason it has not occurred.

Do the rules of international trade require that all nations impose the same consumer safety standards?

Economists sometimes say that protectionism is the “second-best” choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problem—a choice that would still allow the benefits of trade to occur. Explain why protectionism is a “second-best” choice for:

a. helping workers as a group

b. helping industries stay strong

c. protecting the environment

d. advancing national defense

Who does protectionism protect? From what does it protect them?

What might account for the dramatic increase in international trade over the past 50 years?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free