Question

Mercantilism remains part of modern philosophies in countries such as China, Singapore and Taiwan because:

Group of answer choices

1. the countries promote open and free trade among multidomestic firms

2. the countries promote and enforce a combination of protectionist policies and import restrictions to achieve a trade surplus.

3. these countries reduce import monetary and non-monetary barriers.

4 Both 1 and 3 are correct.

Answer 1

Answer) 2) The countries promote and enforce a combination of protectionist policies and import restrictions to achieve a trade surplus.

Explanation - Mercantilism is an economic system which is formed in order to minimize the imports and increase the exports for the country; the countries such as China, Singapore, and Taiwan still adopts mercantilism and hence they  enforce a combination of protectionist policies and import restrictions to achieve a trade surplus; that is to ensure the country's exports will exceed the country's imports.