Question

____ and regulations prevent the import competition
a.Price
b.Policy
c.Quotas
d.All these above​

Answer 1

Answer:

Policy and regulation prevent the import competition

Answer 2

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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