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Barriers restrict imports of goods

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Reference no: EM132140540

Adam smith stated that capitalism is based upon four principles:

  1. The right to create wealth
  2. the right to own property and resources
  3. the right to economic freedom to compete
  4. the right to limited intervention

Today , the extent to which those rights exists varies from country to country. Choose from one of the four economic rights above

a. Venezuela is a socialist country where the average tariff rate on imports is 8.6%. This rate is fairly high. Non-tariff barriers restrict imports of goods. This limits the ability of businesses to import goods at a reasonable price.

Reference no: EM132140540

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