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Country A is witnessing a surge in local fashion businesses owned by young entrepreneurs. In the beginning, customers were supportive and they showed a tendency to buy from local designers even if the prices were higher. The country is a member of the World Trade Organization and they trade freely with other countries, and as a result, customers have endless choices with better prices than local designers. The tendency to buy locally started to decline and local designers are facing a situation that needed to be acted upon. Officials have noticed that customers prefer merchandise from specific brands from certain countries, and it was realized that the continuous availability of this merchandise is jeopardizing sales for local brands. Officials decided to impose new rules and regulations, and those brands are required to raise the amount of cotton on their clothing products to 60%, otherwise, their products won't be allowed. What form of trade control was used in this case?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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