Chapter1:IntroductionWhichstatementmostaccuratelydescribesUStradesince1960
Importscontinuallyexceededexports
Exportscontinuallyexceededimports
Exportsandimportsweremorethan50%ofGDP
BothimportsandexportsgrewasashareofGDP
WhichofthefollowingisNOTtrue
Asashareoftheireconomies,smallcountriestrademorethanlargecountries
Importscannotexceedexportsbecausetradewillbecomeunbalanced
Economistsbelievethattradegenerallybenefitscountriesasawhole
importscurrentlyexceedU
exports
Thephrase"gainsfromtrade"describes:Thebenefitfortwocountrieswhentheytradeormakeatransaction
Theprofitofmiddlemeninatradeoratransaction
Profitsmadebybusinessintradeoratransaction
Consumersurplus
AcomplaintthateconomistssometimesmakeagainstinternationaltradeisthatitdoesnotbenefitlargecountriesliketheUS
doesnotbenefitconsumers