Which one of the following statements is FALSE? a. Tariffs are taxes charged on imports or exports. b. Import substitution is the policy of encouraging domestic production in place of imports. c. Foreign trade zones are areas where foreign-owned manufacturers can operate free of many tariffs and regulations.   d. Compared to other countries in the world, The United States has an unusually high ratio of trade to GDP.   e. Over the last several decades international trade has grown.

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