Gaining from international trade

International trade refers to the exchange of goods and services between countries. It allows countries to access goods and resources that they may not have domestically, and to sell goods and resources that they do have in abundance. By specializing in the production of certain goods and services, countries can gain from trade by being able to produce them at a lower cost than other countries. Additionally, international trade can lead to increased economic growth and development, as well as improved living standards for the citizens of the countries involved.

1.Data on trade barriers and the growth of per capita GDP indicate that
2.The import quotas imposed on sugar in the United States have resulted in:
3.Which of the following provides the most accurate statement of the infant industry argument for trade restrictions?
4.Identify the correct statement regarding the affects of imposing an import quota on a good.
5.Which of the following is true of exchange rate controls?
6.The United States is the world’s leading grain-producing nation. Exporting U.S. grain causes the
7.International trade between countries is most likely to result in an:
8.Opening trade between a low-wage country and a high-wage country will:
9.Identify the correct statement about the gains and losses of producers and consumers under free trade.
10.The argument that import restrictions save jobs and increase total employment fails to recognize that
11.Mutual gains from international trade and specialization are possible as long as:
12.Suppose Petrovia produces two goods: Good X and Good Y. If Good X is measured along the horizontal axis and Good Y is measured along the vertical axis, then the slope of Petrovia’s production possibilities constraint reflects:
13.Which of the following is likely to be true when a tariff is imposed on the import of a good?
14.Relative to a no-trade situation, if the United States imported jeans, the U.S. domestic price of jeans would
15.According to public choice theory, tariffs, quotas, and other trade restrictions are primarily the result of the
16.Which of the following Correctly describes the major problem associated with the infant-industry argument?
17.Which of the following is true of trade restrictions?
18.Trade restrictions:
19.Which of the following is an example of a capital good?
20.International trade and competition from abroad
21.Which of the following occurred after the North American Free Trade Agreement (NAFTA) took affect in 1994?
22.Opportunity costs differ among countries primarily because countries have different:
23.Which of the following is true of tariffs, quotas, and other trade barriers?
24.Which of the following will occur when a restrictive quota is imposed on a good?
25.Which of the following is a difference between a tariff and a quota?
26.The import quotas imposed on the U.S. steel industry during 2002–2003 benefitted:
27.Identify the correct statement about the trade sector of the United States.
28.Which of the following is true of the U.S. tariff code?
29.Identify the correct statement about international trade.
30.Dumping involves:
31.Which of the following countries is one of the four largest trading partners of the United States?
32.According to international trade theory, a country can gain
33.Which of the following will result when a tariff is imposed on a good?
34.The law of comparative advantage states that a nation can gain from the specialization and exchange of a good:
35.Which of the following most accurately reflects the national defence argument for trade restrictions?
36.Proponents of the antidumping argument argue that:
37.Which of the following would be expected if the tariff on foreign-produced automobiles was increased?
38.Which one of the following items is among the leading products exported by the United States?
39.A convex production possibilities frontier indicates the:
40.International trade leads to mutual gains because it allows residents of different countries to:
41.The law of comparative advantage indicates that specialization and trade will lead to:

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