Which of the following are benefits of international trade? Choose one or more answers from the choices shown. a. A more efficient allocation of resources. b. A higher level of material well-being. c. Gains from specialization. d. Promoting competition. e. Deterring monopoly. f. Reducing the threat of war.

Which of the following are benefits of international trade? Choose one or more answers from the choices shown. a. A more efficient allocation of resources. b. A higher level of material well-being. c. Gains from specialization. d. Promoting competition. e. Deterring monopoly. f. Reducing the threat of war.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter33: International Trade

Section33.1: International Trade Theory

Problem 2ST

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(a)Use consumer and producer surplus measures to illustrate who gains and who loses when markets are opened to world trade. (b) based on illustrations, make a case for free trade. How can losers be pursuaded to agree to free trade?
Make the case in favor of international trade based on comparative advantage. Who are the winners and who are the losers when tariffs or quotas are implemented? Make the case for restricting international trade. Explain your answers thoroughly.
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Use comparative advantage, two countries and two goods, to explain why every country can be better off from international trade.
Which of the following statements about international trade is true? Answers: A. On a global scale imports must equal exports. B. Typically, countries with a large GDP experience a trade surplus. C. With trade, world consumption possibilities decrease. D. On a global scale, exports are greater than imports.
Comparing international trade with trade among the different states of the United States shows that a. All of the above are correct. b. there is no need to study international trade as a special subject. c. the basic reasons for trade are equally applicable within a country or among countries. d. the logic of international trade is quite different from that of intranational trade.
What is the concept of comparative advantage in international trade? A. A country's ability to produce all goods more efficiently than other countries B. A country's ability to produce a good at a lower opportunity cost than other countries C. A country's ability to produce goods using the most advanced technology D. A country's ability to produce goods at the lowest absolute cost
We see quite a bit of international trade in the real world. And trade is driven by specialization. So why don’t we see full specialization—for instance, all cars in the world being made in South Korea, or all the mobile phones in the world being made in China? Choose the best answer from among the following choices. a. High tariffs. b. Extensive import quotas c. Increasing opportunity costs. d. Increasing returns.
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What economic impact have pandemics such as COVID-19, had on global trade? Include one example of correct use of all of the following in the short paragraph explaining what economic impact have pandemics such as COVID-19, had on global trade? Comma, Colon, Semicolons, Exclamations, Quote Marks, Apostrophes, Parenthese, Dashes, Hyphens.
Why are international negotiations important in order to reduce tariff rates worldwide? A. Special-interest groups cannot affect international negotiations. B. Large countries can impose policy restrictions on smaller countries. C. They help avoid trade wars. D. The world as a whole gains from free trade.
What are the pros and cons of free trade.