How are labor conditions and product standards used as trade barriers?
- How are labor conditions and product standards used as trade barriers?
Homework Answers
Answer:
Trade barriers are the government induced restrictions on the international trade. Trade barriers are detrimental and decrease overall economic efficiency. The main adavantages of trade barriers are, increased consumption of local goods,increased domestic employment ,enlarged national revenue, enhanced national security and improved consumer protection.
Trade does not reduce the number of jobs,it may effect the wages such as workers in industries that are confronted by competition from imported products may find that demand for their labour increases and shifts back to the left, so that their wages decline with a rise in international trade.
Product standards that discriminate against imports and nontransparent or discriminatory requirements for showing conformity to standards can create significant non tariff trade barriers. Product standards are related measures also enable governments to pursue legitimate objectives, such as protecting the human health and the environment and preventing deceptive practices.
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How are labor conditions and product standards used as trade
barriers?
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