Free trade

Question

Free trade

Quizplus · Accepted Answer

Free trade helps economic growth by encouraging the sharing of technology and industrial ideas among countries. This ultimately leads to increased efficiency, innovation, and lower costs for consumers. While it is true that foreign countries may produce goods with lower labor costs, this can also benefit domestic businesses by allowing them to outsource certain tasks and focus on areas where they have a competitive advantage. Increasing tariffs, on the other hand, would likely harm economic growth by reducing trade and increasing costs for businesses and consumers. The idea that free trade hurts economic growth because foreigners are not bound by the same patent laws as we are is also not entirely accurate, as many countries have their own patent laws and agreements can be made to protect intellectual property rights.

Free Trade