Which of the following is a reason for many developing countries to open their economies to free trade?
A) Domestic producers do not recognize their potential losses.
B) Customers do not recognize their potential gains.
C) The government lacks the political will to remove impediments to development.
D) Consumers and firms are aware of the products and technology available abroad.
E) The potential winners from free trade remain largely unaware of the gains from trade.

Question

Quizplus · Accepted Answer

Consumers and firms in developing countries are usually aware of the products and technology available in developed countries through various means like the internet, media, travel, and multinational corporations. Opening up the economy to free trade can help these consumers and firms access better quality and cheaper goods, and gain access to new technology and innovations that can improve their operations and competitiveness.

Which of the Following Is a Reason for Many Developing