Which of the following is an effect of an international trade agreement that provides an incentive for nations NOT to impose tariffs?

Question

Quizplus · Accepted Answer

An international trade agreement that provides an incentive for nations not to impose tariffs can lead to an increase in world welfare and standard of living. By reducing trade barriers, countries can specialize in what they do best and trade with one another, resulting in increased efficiency and lower production costs. This can lead to lower prices for consumers and a greater variety of goods and services. As a result, the overall standard of living can increase. This is a positive effect for all nations involved, regardless of their income level or size.

Which of the Following Is an Effect of an International