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17 May 2024, 15:10
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Passage:
Arboria is floundering in the global marketplace, incurring devastating losses in market position and profits. The problem is not Arboria's products, but Arboria's trade policy. Arboria faces the prospect of continuing economic loss until Arborian business and political leaders recognize the fundamental differences between Arborian and foreign economic systems. Today the key trade issue is not free trade versus protectionism but diminishing trade versus expanding trade.
Arboria is operating with an obsolete trade policy, an artifact of the mid-1940s when Arboria and Whorfland dominated the global economy, tariffs were the principal obstacle to trade, and Arborian supremacy was uncontested in virtually all industries. In the intervening decades, economic circumstances have shifted radically. Arborian trade policy has not.
Today, Arboria's trade policy seems paralyzed by the relentless conflict between proponents of “free” and “fair” trade. The free traders argue that Arborian markets should be open, and the movement of goods and services across national borders unrestrained. The fair traders assert that access to Arborian markets should be restricted until Arborian businesses are granted equal access to foreign markets. They contend that free trade is impossible while other nations erect barriers to Arborian exports.
Both are correct: fair trade requires equal access and equal access leads to free trade. But both sides base their positions on the same two outdated premises:
Question:The passage is primarily concerned with
Arboria is floundering in the global marketplace, incurring devastating losses in market position and profits. The problem is not Arboria's products, but Arboria's trade policy. Arboria faces the prospect of continuing economic loss until Arborian business and political leaders recognize the fundamental differences between Arborian and foreign economic systems. Today the key trade issue is not free trade versus protectionism but diminishing trade versus expanding trade.
Arboria is operating with an obsolete trade policy, an artifact of the mid-1940s when Arboria and Whorfland dominated the global economy, tariffs were the principal obstacle to trade, and Arborian supremacy was uncontested in virtually all industries. In the intervening decades, economic circumstances have shifted radically. Arborian trade policy has not.
Today, Arboria's trade policy seems paralyzed by the relentless conflict between proponents of “free” and “fair” trade. The free traders argue that Arborian markets should be open, and the movement of goods and services across national borders unrestrained. The fair traders assert that access to Arborian markets should be restricted until Arborian businesses are granted equal access to foreign markets. They contend that free trade is impossible while other nations erect barriers to Arborian exports.
Both are correct: fair trade requires equal access and equal access leads to free trade. But both sides base their positions on the same two outdated premises:
- Global commerce is conducted under the terms of the General Agreement on Tariffs and Trade (GATT) and dominated by Arboria and similar economic systems abroad.
- Multilateral negotiations are the most effective way to resolve pressing trade issues.
Question:The passage is primarily concerned with
- A. illustrating the erosion of Arboria’s position in the world marketplace
- B. examining the differences between “free” and “fair” traders
- C. advocating a reassessment of Arboria’s trade policy
- D. criticizing the terms of the General Agreement on Tariffs and Trade (GATT)
- E. comparing the different economic circumstances of Arboria’s trade partners
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14 Jun 2024, 13:44
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gmat_grand_master
This question is discussed here:
https://gmatclub.com/forum/arboria-is-f ... 94558.html
Hope this helps.
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Verbal Questions Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
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