The ratio of the prices of exported goods to the prices of imported goods is known...
The ratio of the prices of exported goods to the prices of imported goods is known as the:
| A. |
international inflation rate. |
|
| B. |
terms of trade. |
|
| C. |
price differential. |
|
| D. |
ratio of advantage. |
Which statement is correct?
| A. |
Tariffs encourage international trade. |
|
| B. |
There are both winners and losers from international trade. |
|
| C. |
International trade lowers global production. |
|
| D. |
It is always in the producers' interest to open borders to trade. |
Which statement is NOT an argument against free trade?
| A. |
Industries vital for national defense must be protected. |
|
| B. |
Consumers need to be protected against comparative advantage. |
|
| C. |
Domestic workers need to be protected from displacement by cheap foreign labor. |
|
| D. |
Infant industries require government protection to compete in global markets. |
Homework Answers
The ratio of the prices of exported goods to the prices of imported goods is known as the terms of trade.
Which statement is correct?
There are both winners and losers from international trade.
Tarrifs does not encourage international trade. International trade increases global production and it is not necessarily always in producer's interest to open borders to trade.
Which statement is NOT an argument against free trade?
Consumer's need to be protected against comparative advantage.
Comparative advantage is plus point of free trade, this argument is not against free trade.
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