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Chapter 34: Q. 33RQ (page 832)

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

Short Answer

Expert verified

In recent decades, trade barriers have been decreased in general.

Step by step solution

01

What is a trade barrier?

Trade barriers refer to the restrictions on trade imposed by a government to protect the consumers and producers in from foreign competition. tariffs, quotas, standards, etc are different trade barriers.

02

Explanation

Lowering trade and FDI restrictions on final goods can help the liberalized industry compete more effectively (s). This can assist businesses in achieving economies of scale, increasing efficiency, absorbing foreign technology, and innovating.

In the recent period, with trade negotiations and international treaties, there has been a decrease in trade barriers. The existing trade barriers are mostly limited to agricultural products and labor-intensive industries. The average levels of tariffs imposed by advanced countries have declined from 40% in 1946 to 5% in 1990.

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Most popular questions from this chapter

How does international trade affect working conditions of low-income countries?

Why might a tax on domestic consumption of resources critical for national security be a more efficient approach than barriers to imports?

Why do you think that the GATT rounds and, more recently, WTO negotiations have become longer and more difficult to resolve?

In principle, the benefits of international trade to a country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent losses?

Why is the national security argument not convincing?
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