Which of the following statements about international trade restrictions is true? a. They typically benefit foreign...
Which of the following statements about international trade restrictions is true?
a. They typically benefit foreign producers at the expense of domestic consumers.
b. They ensure that countries will specialize in those products which they can produce most efficiently.
c. In the majority of cases they harm consumers.
d. They ensure that only efficient producers survive.
e. They ensure that higher-quality goods are provided at lower prices.
Homework Answers
Answer
Option C
c. In the majority of cases, they harm consumers.
International trade restrictions increase the price.
International trade restrictions are quota, tariff, and laws.
The increase in price decreases domestic consumer surplus and
increases domestic producer surplus.
It also reduces the foreign producer surplus because the quantity
decreases.
It supports inefficient firms and reduces competition, so they
produce lower quality goods.
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