31 Oct 2021
Problem 42
Page 831
Section: CRITICAL THINKING QUESTIONS
Chapter 34: Globalization and Protectionism
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31 Oct 2021
Introduction
Tariffs are taxes on imported goods that not only generate tax revenues but also limit trade. Quotas are quantitative limits on imported products. Trade subsidies to domestic manufacturers reduce domestic costs and limit imports.
International Trade: Trade that occurs beyond international borders is referred to as international trade. A lot of nations participate in this form of commerce in order to obtain what they need. They enter international trade in order to find a marketplace for their surplus goods.
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