Single Answer MCQ
Q-00015743
What is the role of imports in a foreign trade setup?
1
They decrease domestic production
2
They limit consumer choices
3
They promote local competition
4
They increase costs for consumers
Answer and Solution
Answer
C. They promote local competition
Solution:
Imports introduce new products into the local market, promoting competition among sellers, which often leads to better prices and improved quality for consumers.
Watch Video Solution
