Asked by Andrea Avalos on Sep 27, 2024

According to free market economic models, free trade across countries encourages all of the following except:

A) More efficient utilization of scarce resources
B) Increased size of product markets
C) Generalist countries
D) Reduced monopoly power of domestic companies

Free Market Economic Models

Economic systems where prices for goods and services are determined by the open market and by consumers, with minimal government intervention or regulation.

Free Trade

An economic policy that allows for the unrestricted import and export of goods and services between countries, without tariffs, quotas, or other trade barriers.

Generalist Countries

Refers to nations with policies or economies that are not specialized but rather encompass a broad range of industries and activities.

  • Analyze the consequences of trade barriers and their abolition on economic sectors and overall economic health.