Question

If trade restrictions among nations were eliminated, economists predict

Answer
competition would increase, resulting in lower prices and increased choices for consumers.
the total volume of trade would decline.
all nations would experience an increase in their foreign debt.
revenues from tariffs would increase.

Answer 1

Generally speaking, if trade restrictions among nations were eliminated, economists predict that "competition would increase, resulting in lower prices and increased choices for consumers," although certain lower GDP countries would also be excluded from trade.