If a Country Unilaterally Removes All Trade Restrictions

question 142

Multiple Choice

If a country unilaterally removes all trade restrictions,

• A)individual gains will tend to be larger in magnitude than individual losses.
• B)it will gain because all other countries' markets will be more open.
• C)it can prevent large adjustment costs.
• D)individual gains will tend to be smaller in magnitude than individual losses.
• E)everybody in the country will be better off.

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Definitions:

Legal Position

A statement or principle of law that pertains to a particular factual situation, representing an argument or standpoint in legal proceedings.

Principal's Right

The authority or entitlements a principal has in a legal or contractual relationship, especially in relation to an agent acting on their behalf.

Ratify

To formally confirm or approve an act, agreement, or treaty, making it officially valid.

Fiduciary Duty

An obligation to act in the best interest of another party, typically in financial or trust relationships.