Asked by
Jaelyn Owens
on Nov 17, 2024
Verified
When a country abandons no-trade policies in favor of free-trade policies and becomes an importer of steel, then the domestic price of steel will increase as a result.
Free-Trade Policies
Strategies and agreements between countries to allow goods and services to be traded with fewer restrictions or tariffs.
Importer
An individual or entity that buys goods or services from another country for use, resale, or processing within the importer's home country.
Domestic Price
Domestic price is the price of goods or services within a country, unadjusted for international trade effects or exchange rates.
- Apprehend the influence of worldwide trade regulations on national and worldwide economies.
- Recognize the relationship between comparative advantage and trade outcomes.
Verified Answer
NS
Learning Objectives
- Apprehend the influence of worldwide trade regulations on national and worldwide economies.
- Recognize the relationship between comparative advantage and trade outcomes.