To help developing countries expand their industrial base,some industrial countries have reduced tariffs on designated manufactured imports from developing countries below the levels applied to imports from industrial countries.This policy is called
A) export-led growth.
B) generalized system of preferences.
C) Most Favored Nation.
D) reciprocal trade agreement.
E) outsourcing.

Question

Quizplus · Accepted Answer

The policy described is the Generalized System of Preferences (GSP). It allows developing countries to receive reduced tariffs on designated manufactured imports. This is done to help promote economic growth in these countries by encouraging industrialization and exports. The other options listed either do not specifically address reducing tariffs for developing countries or are not relevant to this policy.

To Help Developing Countries Expand Their Industrial Base,some Industrial Countries