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2 Nov 2020

5. Specialization in the world economy can be very finely split. In fact, recent years have seen a trend in international trade called splitting up the value chain. True or False.

a. True

b. False

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Understanding the reason behind Intra-industry Trade between Similar Economies

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7. Because firms split up the value chain, international trade often does not involve whole finished products like automobiles or refrigerators being traded between nations. Instead, it involves shipping more specialized goods. True or False.

a. False

b. True

Answer True or False for each of the following.

International trade benefits both partners, though not necessarily all citizens.

Absolute advantage determines trade specialization.

Tariffs are generally preferred by economists over quotas.

The U.S. has a large trade deficit with China, although its size is exaggerated.

Most American economists support at least relatively open trade.

Over time the terms of trade tend to move against final goods.

International trade typically increases competition and efficiency in an economy.

If a country is better at making all goods than another country there is no room for trade between the two.

The industrial world currently has the most open trade it has ever had.

Foreigners own more of the national debt today than 40 years

3. Answer True or False for each of the following. 3 points each.

International trade benefits both partners, though not necessarily all citizens.

Absolute advantage determines trade specialization.

Tariffs are generally preferred by economists over quotas.

The U.S. has a large trade deficit with China, although its size is exaggerated.

Most American economists support at least relatively open trade.

Over time the terms of trade tend to move against final goods.

International trade typically increases competition and efficiency in an economy.

If a country is better at making all goods than another country there is no room for trade between the two.

The industrial world currently has the most open trade it has ever had.

Foreigners own more of the national debt today than 40 years

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5. Specialization in the world economy can be very finely split. In fact, recent years have seen a trend in international trade called splitting up the value chain. True or False.

a. True

b. False

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5. Specialization in the world economy can be very finely split. In fact, recent years have seen a trend in international trade called splitting up the value chain. True or False. a. True b. False

Unlock all answers

Related textbook solutions

Principles of Economics

Principles of Macroeconomics

Principles of Microeconomics

Related questions

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5. Specialization in the world economy can be very finely split. In fact, recent years have seen a trend in international trade called splitting up the value chain. True or False.

a. True

b. False