A Country Should Reduce Its Barriers to Import from Another

question 99

Multiple Choice

A country should reduce its barriers to import from another country if the other country:

• A) has some sort of 'unfair' competitive advantage over it.
• B) is not willing to reduce its import barriers reciprocally.
• C) does not have some sort of 'unfair' competitive advantage over it.
• D) is not willing to trade under any condition.

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Definitions:

Global Trade War

A situation where countries impose tariffs or other trade barriers on each other in response to trade disputes, leading to reduced international trade.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, leading to high unemployment and significant economic distress.

Retaliatory Tariffs

Taxes imposed by a country in response to similar taxes levied by another country, often used in trade disputes.

Imposing Tariffs

The act of applying taxes on imported goods to protect domestic industries.