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Chapter 21: Q.7 (page 522)

How do trade barriers affect the average income level in an economy?

Short Answer

Expert verified

Prices would increase, while workers would earn lesser wages.

Step by step solution

01

Step 1. Meaning

Trade barriers 鈥� trade barriers are tariff and non-tariff barriers, through which trade becomes more difficult and expensive between countries.

02

Step 2. Explanation

Trade barriers affect negatively the average income level in an economy because of trade barriers the prices of goods & services would be higher for the population & due to the same, the worker would earn less.

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