Question
Question 1 The process whereby countries in a geographic area coope with one another to reduce or eliminate barriers to the internationa flow of products people,or capital is called __ protectionism regional economic integration economic nationalism mercantilism
Answer
4.3
(270 Votes)
Nerys
Elite · Tutor for 8 years
Answer
Given that the problem description lists reducing or eliminating barriers to international flow as the main process, the correct answer is (B) Regional Economic Integration.
Explanation
## Step 1: We must define each term in order to effectively AN and address this question.## Step 2: Firstly, 'Protectionism' is an economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to protect the domestic econmomy from competitve forign industries.## Step 3: Secondly, 'Economic Nationalism' refers to an ideology that favors state intervention in economy. It emphasizes the well-being of one nation over others, oftentimes resulting in tighter restrictions on cross-border transactions, tariffs, quotas and other restrictive measures.## Step 4: 'Mercantilism' on the other hand, is an economic theory from the 16 to 18th century that advocates government regulation of the nation's economy for the purpose of augmenting state power at the expense of rival national powers. This practice often results in trade protectionism and the exporting of goods while restricting imports as much as possible.## Step 5: Lastly, 'Regional Economic Integration' refers to agreements among countries in a geographic region to reduce, and eventually remove, tariff and non-tariff barriers to the free flow of goods, services, and factors of productionbetween each other. This would facilitate the free flow of products, people or capital across international borders within the expect region.