Openness to international trade allows a nation's businesses to become more efficient and pass the resulting savings on to consumers.

Question

Quizplus · Accepted Answer

When businesses have access to international markets, they can source raw materials and components from different countries where they may be cheaper, and also sell their products to a larger customer base. This enables businesses to achieve economies of scale, increase their efficiency, and reduce costs which they can pass on to consumers in the form of lower prices.

Openness to International Trade Allows a Nation's Businesses to Become