WAEC - Economics (2022 - No. 39)
An argument for the use of commercial policy rest on the need to
make imported goods affordable
reduce domestic unemployment
encourage the importation of non-essential goods
make a country enjoy absolute advantage in production of all goods
Explicació
Commercial policy may be defined as one that helps in accelarating the rate of economic development. by enabling the under-developed country to have larger share of the gains from trade, by augmenting the rate of capital formation and by promoting industrialization and maintaining equilibrium in the balance of payments.