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.
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Revenue tariffs are levied to
Select one:
a. lower exports.
b. protect domestic producers.
c. increase imports.
d. raise money.
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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.
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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.
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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.
