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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.

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Most popular questions from this chapter

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