_______________ occurs when trade shifts to countries in the group at the expense of trade with countries not in the group, even though the nonmember country might be more efficient in the absence of trade barriers.

Related MCQs

• _______________ occurs when production shifts to more efficient producers for reasons of comparative advantage, allowing consumers access to more goods at a lower price than would have been possible without integration.
• In _______________, countries focus on eliminating internal tariffs among member countries, have a common external trading policy among nonmembers, allow free mobility of productions factors within member countries, and adopt common economic policies.
• When did the government remove the barriers for investment and investment in India?
• Despite having large reserves of coal, why does India import millions of tonnes of coal? 1. It is the policy of India to save its own coal reserves for the future and import it from other countries for the present use. 2. Most of the power plants in India are coal based, and they are not able to get sufficient supplies of coal from within the country. 3. Steel companies need a large quantity of coking coal, which has to be imported. Which of the statements given above is/are correct?
• Trade between two countries can be useful if cost ratios of goods are:
• Consider the following statements and identify the right ones. i. Higher level of capital-output ratio indicates efficient use of capital. ii. It reflects the productivity of capital in the economy
• Consider the following statements about India’s energy mix: 1. Coal is the source of more than 50% energy needs. 2. Renewable sources of energy contribute more than 15% of energy requirements of India. Which of the statements given above is/are correct?
• International trade and domestic trade differ because of:
• Which of the following was developed with the rationale that the U.S.-Canadian trade was the largest bilateral trade in the world and that the United States is Mexico’s and Canada’s largest trading partner?
• Which of the following is NOT a restriction to international trade?