ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Trade restrictions are typically undertaken in an effort to protect companies and workers in the home economy from competition by foreign firms. A protectionist policy is one in which a country restricts the importation of goods and services produced in foreign countries.

Detailed explanation-2: -Import restrictions increase prices for consumers and divert labour and capital to the protected industry away from more productive uses. Import restrictions-by tariffs, quotas or export subsidies-damage consumers’ living standards by raising prices and reducing choice.

Detailed explanation-3: -Imports to Spain have been rising steadily, hitting a new record high in 2022 mostly because of a rise of prices and volumes of energy imports. Spain main imports are energy products, capital goods, chemicals, food, beverages and tobacco, and consumer manufactured goods.

Detailed explanation-4: -In the long-term, the Sri Lanka Imports is projected to trend around 1940.00 USD Million in 2024 and 2210.00 USD Million in 2025, according to our econometric models. Sri Lanka imports petroleum, textile fabrics, foodstuffs and machinery and transportation equipment.