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- Basic of Economicseconomics-mcqs › basic-of-economics
- Published
- 26 May 2019
- Last updated
- 28 May 2026
What term describes the principle of equal trading opportunities without granting exclusive privileges or monopolies to any single nation?
Multiple choice question for Basic of Economics. Select an option, then review the explanation below.
Explanation
The concept of an 'Open door market' refers to a trade policy that ensures equal access for all countries, preventing monopolies or special treatment for any one nation. This promotes fair competition and non-discriminatory trade practices.
More Basic of Economics MCQs
Practice related questions from the same subject.
- 1.Which of the following best describes deflation?
- 2.Under what condition can two nations benefit from engaging in international trade?
- 3.Which of the following represents a legitimate form of currency?
- 4.Which political ideology is best summarized by the phrase, "From each according to his ability, to each according to his needs"?
- 5.Which type of currency experiences a decline in its exchange rate due to a continuous balance of payments deficit?