1) Engaging in international trade has all of the following effects except: a) a
ID: 1140349 • Letter: 1
Question
1) Engaging in international trade has all of the following effects except:
a) altering prices in different countries
b) influencing labor markets in different countries
c) increasing number of goods and services we can consumer in different countries
d) it makes use of resources leff efficient
2) For the most part, trade between many countries:
a) is entirely unregulated or free
b) is regualted or restricted in some way
c) is free, with the notable exception of China
d) causes the well-being of some nations to win and others to lose
3) If there are big gains to be had from specialization and trade, countries generally don't produce one good because:
a) specialization is not limited by trade agreements
b) no national economy is a perfectly free market
c) there is perfectly free trade between national economies
d) consumers prefer a mix of goods and services
4) Who is likely to be in facor of a country that would be a net-exporter if it moved from autarky to free trade?
a) Domestic producers
b) Domestic consumers
c) Foreign producers
d) Foreign governments
5) Every government's set of policies used to govern their economy:
a) vary widely from one another, making international trade a simple process
b) are largely the same, making international trade a simple process
c) are similar in most respects, but different in a few areas, making international trade sometimes difficult
d) vary widely from one another, making international trade sometimes difficult
Explanation / Answer
1. d. It makes use of the resources less efficient. This is completely wrong because trade only occurs when both the countries tend to benefit from it, and this benefit would mean that countries are trying to do their best that they can.
2. b. is regulated or restricted in some way. This is because every country values have certain law and order, certain cultural differences, or certain religious and political beliefs that restricts trade in some way.
3. d. consumers prefer a mix of goods and services.
4. b. Domestic consumers. This is because then consumers will now have a wide variety of products to choose from, and that too at a much competitive price.
5. d. vary widely from one another, making international trade sometimes difficult.
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