Question

QUESTION 52 In recent years, which countries have taken a unilateral approach to the removal of trade restrictions?X a. b. C. d. the United States and Mexico China and North Korea Chile and South Korea Russia and Japan

Answer 1

Answer) Basically, there are two approaches through which trade restrictions can be eliminated (or alternatively, free trade can be established) namely, unilateral approach and multilateral approach, an economy that takes the former approach attempts to remove it's trade restrictions with their own efforts, examples include, Great Britain in nineteenth century and "Chile and South Korea" in the recent years, whereas, nations that follow the latter approach, attempts to reduce their trade barriers by bargaining with their trading partners to remove any form of barrier that restricts free trade and doing the same in return, examples of nations who have followed this approach include Canada, U.S. and Mexico.

Hence, the correct answer is option "C".