Question

Which options are part of the seven instruments used in Trade policy?

A) Import quotas,
B) Voluntary export restraints,
C) Local content requirements,
D) Administrative policies

A. Only A and D
B. A and C
C. A, B, and C
D. All of the above

Answer 1

The seven instruments used in Trade policy are import quotas, voluntary export restraints, local content requirements, and administrative policies.

Step-by-step explanation:

The seven instruments used in Trade policy are:

• Import quotas: These are limitations on the quantity of products that a country can import.
• Voluntary export restraints: These are agreements between countries where one country voluntarily limits its exports to another country.
• Local content requirements: These are regulations that require a certain percentage of a product to be produced locally.
• Administrative policies: These are bureaucratic rules and regulations that can impact trade.

All of the above options, A) Import quotas, B) Voluntary export restraints, C) Local content requirements, and D) Administrative policies, are part of the seven instruments used in Trade policy.