04 Jun Question 1 If this country allows free trade in wagons:
Question
1
If this country allows free trade in wagons:
a. consumers will gain more than producers will lose.
b. producers will gain more than consumers will lose.
c. producers and consumers will both gain equally.
d. producers and consumers will both lose equally.
2. The price of sugar that prevails in international markets is called the:
a. export price of sugar.
b. import price of sugar.
c. comparative-advantage price of sugar.
d. world price of sugar.
3. One should be especially wary of the national-security argument for restricting trade when that argument is made by:
a. representatives of industry.
b. representatives of the defense establishment.
c. members of households.
d. foreign government officials.
4. When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an exporter of a particular good:
a. consumer surplus increases and total surplus increases in the market for that good.
b. consumer surplus increases and total surplus decreases in the market for that good.
c. consumer surplus decreases and total surplus increases in the market for that good.
d. consumer surplus decreases and total surplus decreases in the market for that good.
1
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