trade restrictionsa. reduce the gains from trade for the country as a wholeb. increase the gains from trade for poor countriesc. reduce the number of hours employees must workd. increase the standard of living for the country as a whole

Question

Gabriella Holden

Business

12 December, 16:41

trade restrictionsa. reduce the gains from trade for the country as a wholeb. increase the gains from trade for poor countriesc. reduce the number of hours employees must workd. increase the standard of living for the country as a whole

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Answers (1)

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Zaire Heath · Answer 1

a. reduce the gains from trade for the country as a whole

Explanation:

Trade barriers, such as tariffs, are more economically harmful than their benefits because they increase prices and reduce the availability of goods and services, thus reducing income, employment and economic output. The transition to a rules-based trading system after World War 2 started the development of the international economy in the world. This widespread reduction of trade barriers has contributed to economic prosperity in many ways, including significant growth in trade and accompanying growth in economic output and revenues.