What is called the trade without restriction of tariffs, quotas, or foreign exchange controls ?
Correct answer: B. Free trade
- A. Open trade
- B. Free trade
- C. Open sky trade
- D. Easy trade
Explanation
Free trade means international trade without artificial barriers such as tariffs, quotas, or foreign-exchange controls. The other expressions are not standard names for this policy.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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