A Country That Engages in No Foreign Trade Is Said

question 101

Multiple Choice

A country that engages in no foreign trade is said to be in a situation of

• A)comparative advantage.
• B)absolute advantage.
• C)reciprocal absolute advantage.
• D)autarky.
• E)isolation.

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Definitions:

Health, Safety

pertains to the regulations, procedures, and practices that protect the wellbeing of individuals, particularly in the workplace or public environments.

Technical Standards

Established norms or requirements in regards to technical systems and their components, such as quality, safety, and interoperability standards to ensure compatibility and efficiency.

Import Quota

A government-imposed limit on the quantity of a certain good that can be imported into the country.

Tariff

A tax imposed on imported goods and services, aimed at making foreign products more expensive and protecting the domestic industry.