The Australian economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.

Question

Quizplus · Accepted Answer

Eliminating tariffs and quotas would make Australian goods more competitive in foreign markets, potentially leading to increased exports and economic growth. Additionally, removing barriers to trade would reduce the cost of imported goods for Australian consumers and businesses, improving their purchasing power and potentially stimulating domestic demand. Therefore, even if other countries maintain their own barriers to trade, removing Australia's would still be beneficial for its economy.

The Australian Economy Would Gain from the Elimination of Tariffs