____ and regulations prevent the import competition
a.Price
b.Policy
c.Quotas
d.All these above
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Answer:
Policy and regulation prevent the import competition
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Policy and regulations prevent the import competition.
Option (b).
Explanation:
- Import competition refers to the industry that competes with imports.
- By these competion, many internal problems may arise among the industrial agents.
- To avoid these conflicts certain policies and regulations were introduced to avoid them.
- In a way, domestic policies are responsible for international trade.
- This is going to have an impact on how we end up trading with the rest of the world.
- Strict regulations are framed to follow to reduce the internal competition.
- To restrict imports the government resorts to the use of subsidies, tariffs and quota systems.
- By a quota system, the restriction of goods are imposed. Even it allows the government to control the quantity of imports to encourage domestic industries.
- Production in combination with consumption subsidies or taxes might stimulate exports and imports.
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