International Trade Policy Quiz

Producers benefit more from trade restrictions

Governments should intervene to regulate market prices

Producers and consumers allocate resources most efficiently without government distortion (correct)

Consumers pay lower prices with restricted trade

More than 10 percent of GDP

Less than 1 percent of GDP (correct)

Around 5 percent of GDP

Dependent on the country's economic status

Advanced economies like the United States and Europe

Developing countries (correct)

Japan

Small countries with restricted trade policies

<p>Leads to distortions in production and consumption</p> Signup and view all the answers

<p>The estimated benefits of moving to free trade are only a small fraction of national income for most countries</p> Signup and view all the answers