Commercial policy means_______________?
Correct answer: C. Policy about imports and exports
- A. Policy about markets
- B. Policy about money supply
- C. Policy about imports and exports
- D. Policy of controlling of prices of goods
Explanation
Commercial policy covers a country's rules governing international trade, especially imports, exports, tariffs, quotas and related regulations. Money supply and domestic price controls belong to monetary and price policies respectively.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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