If free trade is intended to benefit nations, why do nations restrict trade? How do nations restrict trade?
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If free trade is intended to benefit nations, why do nations restrict trade? How do nations restrict trade?
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Solution Summary
This solution explains free trade, and how if it's meant to benefit nations, why nations restrict trade. The expert also explains how nations restrict trade.
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Nations can restric trade:
1) To protect the domestic industry
2) For political reasons
3) Lack of awareness or education
4) Due to government or red tapism
It can be done by:
Trade barriers are measures to regulate cross border transactions for example quota, duty etc. These are the ways to promote or restrict the import or export from one country to other country or countries. Let us understand one by one. Quota is a restriction by one country on the other countries of imports. This restriction is in nature of quantity. For eg if Usa imposes restriction on India on ...
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