Suppose a country reduces trade restrictions.This country would be pursing an

Question

Quizplus · Accepted Answer

When a country reduces trade restrictions, it is pursuing an outward policy, or a policy of greater international economic openness. Most economists believe that this type of policy has beneficial effects on the economy, as it can increase competition, promote specialization and efficiency, and fuel economic growth. By contrast, an inward policy, which restricts trade and promotes protectionism, is generally seen as detrimental to the economy, as it stifles competition, reduces efficiency, and limits growth potential.

Suppose a Country Reduces Trade Restrictions