Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A) grows; improves
B) grows; declines
C) decreases; improves
D) decreases; declines

Question

Quizplus · Accepted Answer

When a country opens its markets to free trade, competition increases because local companies must compete with foreign companies. This typically leads to improvements in efficiency as companies strive to reduce costs and improve quality to remain competitive.

Related to the Economics in Practice on P