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.

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter33: International Trade
Section: Chapter Questions
Problem 3QP
icon
Related questions
Question
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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
International Trade
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning