1.              In 2008, the Los Angeles Times inquiry members that the American windy whether free international trade has actually helped or ache the economy.  that those surveyed,

a.57 percent said totally free international trade helped the economy.

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b.26 percent said free international trade helped the economy.

c.30 percent said free international trade hurt the economy.

d.16 percent said totally free international profession hurt the economy.

2.              Most economic experts view the united States’ suffer with profession as

a.one indigenous which no for sure conclusions about the virtues of totally free trade have the right to be reached, as result of the fairly short background of worldwide trade in the U.S.

b.one indigenous which no for sure conclusions about the virtues of cost-free trade have the right to be reached, because of the absence of trade within the U.S. Throughout many of the early history of the U.S.

c.an recurring experiment that confirms the virtues of cost-free trade.

d.an continuous experiment that calls right into serious concern the id that complimentary trade enhances the financial well-being the a nation.

3.              financial experts view the reality that Florida grow oranges, Texas pumps oil, and California renders wine as

a.confirmation that the virtues of totally free trade.

b.confirmation the the infant-industry argument.

c.confirmation that complimentary trade agreements are not necessary.

d.confirmation that expertise in absolute benefit works.

TRUE/FALSE

1.              The background of the textile sector raises important questions for financial policy.

2.              profession decisions are based on the principle of pure advantage.

3.              The sum of consumer and also producer surplus measures the complete benefits the buyers and also sellers receive from participating in a market.

4.              follow to the principle of comparative advantage, all nations can benefit from trading v one an additional because trade allows each country to specialization in doing what the does best.

5.              The world price of cotton is the highest price of noodle observed almost everywhere in the world.

6.              If the world price the a an excellent is higher than the domestic price in a nation that deserve to engage in international trade, climate that country becomes one importer of that good.

7.              Without totally free trade, the residential price the a good must be same to the civilization price that a good.

8.              The nation of Aviana quickly will abandon its no-trade plan and take on a free-trade policy.  If the human being price that goose meat is $3 every pound and also the residential price the goose meat without trade is $2 every pound, climate Aviana must export goose meat.

9.              If a country allows free trade and its residential price because that a given an excellent is reduced than the human being price, then it will certainly import that good.

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10.“Trade raises the financial well-being that a country in the sense that the profit of the winners exceed the accident of the losers.”  This explain is correct for a nation that exports made goods, however it is no correct for a country that imports manufactured goods.