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Benefits of free trade include all of the following except:

1. higher standards of living,

2. increased international mobility of labor,

3. transmission of new ideas,

4. increased world production.

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Sonal Bahl
Sonal BahlLv10
21 Mar 2021

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Related questions

Mention if the following statements are true or false. Explain clearly why, using ideas and concepts.

a. Under free trade, one country gains at the expense of the other.

b. The theory of comparative advantage states that free trade benefits all countries.

c. The Neo-classical trade theory states that trade arises due to different amounts of labor and capital in a country.

d. The H-O theory states that trade arises due to different PPFs in a country.

e. Under free trade, prices fall, so trade becomes easier.

f. A country should not have any imports and should increase exports if it wants to increase its employment levels.

g. Adam Smith recommended very strong government regulation of trade.

h. A country with higher labor productivity than another country will have a comparative advantage in the production of all goods.

i. The Theory of absolute advantage explains producer and consumer equilibriums under free trade.

j. Developed countries do not gain under free trade with developing countries.

Question 1

  1. In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S. products.
    Ā  Ā 
    World Trade Organization
    Ā  Ā 
    United Nations
    Ā  Ā 
    European Central Bank
    Ā  Ā 
    International Human Rights Commission

Question 2

  1. The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.
    Ā  Ā 
    increased all
    Ā  Ā 
    removed some
    Ā  Ā 
    removed all
    Ā  Ā 
    increased some

Question 3

  1. According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.
    Ā  Ā 
    import; the lowest
    Ā  Ā 
    import; negative
    Ā  Ā 
    export; the lowest
    Ā  Ā 
    export; the highest

Question 4

  1. A quota is a restriction on imports.
    True
    False

    Question 5

    1. If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise.
      True
      False

    Question 6

    1. According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.
      Ā  Ā 
      only the smaller
      Ā  Ā 
      only the larger
      Ā  Ā 
      neither
      Ā  Ā 
      each

    Question 7

    1. ________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.
      Ā  Ā 
      Only one
      Ā  Ā 
      No
      Ā  Ā 
      Every
      Ā  Ā 
      Only 3

    Question 8

    1. In 1991, the European Union began the process of forming the
      Ā  Ā 
      largest free-trade zone in the world.
      Ā  Ā 
      only continental military force in the world.
      Ā  Ā 
      first international trade agreement in the world.
      Ā  Ā 
      first unified currency in the world.

      1. Question 9

        1. The Smoot-Hawley tariff set off an international trade war in the
          Ā  Ā 
          1930s.
          Ā  Ā 
          1950s.
          Ā  Ā 
          1970s.
          Ā  Ā 
          1990s.



          Please help me with these questions Thank you.

Which of the following is TRUE regarding international trade?

Select one:

a. Typically, it is belived that when countries trade with one another, ther eare gains in production efficiency.

b. All of these are correct

c. Freedom to trade internationally adds to the consumers' choices available for purhcase

d. Countries often hope that international trade will help raise the standard of living for their citizens

Question 2

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Which of the following is TRUE regarding why countries trade with one another?

Select one:

a. Countries trade so that they can get products and services that they are not as efficient in making as other countries.

b. Countries often hope that international trade will help their economy grow

c. All of these are correct

d. Countries trade because not all nations have the same resources.

Question 3

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Revenue tariffs are levied to

Select one:

a. lower exports.

b. protect domestic producers.

c. increase imports.

d. raise money.

Question 4

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Tariffs and quotas can have all of the following effects EXCEPT

Select one:

a. protecting domestic industry.

b. reducing trade deficits.

c. increasing prices consumers pay for goods.

d. promoting third-world development.

Question 5

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The United States trade deficit causes

Select one:

a. the value of the dollar to fall in foreign exchange markets.

b. immediate worldwide recessions.

c. increased employment opportunities for all Americans.

d. the value of the dollar to strengthen in foreign exchange markets.

Question 6

Not yet answered

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Which of the following is true regarding the relationship of international trade and competition?

Select one:

a. International competition, like competition in general, can have effects on the price levels of goods.

b. When countries trade with one another, there is often increased competition among firms offering the same good or service.

c. All of these are correct.

d. When tariffs increase, domestic producers usually have fewer international competitors.

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