Question

Please help me with the answers. DO NOT ANSWER IF YOU DON'T KNOW IT.

TRUE OR FALSE

1. The nation that has a comparative advantage in a particular product will be the only world exporter oof that product.

2. Economists prefer free trade to tariffs and prefer tariffs to import quotas

3. In terms of trade volume in the past many years, China has been the largest trading partner of the United States

4. A nation will import a particular product if the world price is less than the domestic price

5. NAFTA is a trade agreement that covers trade between the United States and the European Union

Answer 1

1. True- There are products in the word that has comparative advantage of being produced in that particular area. There are also produced very rare and known very less.

2. True- Free trade refers to trade agreement between countries that relates to no restrictions on import and exports to of goods. Imposing tariffs on imports is an act of protecting goods on the domestic trade.

3.True- China and US are the world two important economies that managed the economies of the world in respect to export and import.

5. False- NAFTA is the treaty trade agreement made between three countries US, Mexico and Canada. This trade competes with European Union countries.