The WTO encourages nations to take unilateral action on trade issues, including issues involving environmental protection.
Indicate whether the statement is true or false
Question 2 - A production possibilities curve that is a straight line represents the case of
A) constant costs.
B) increasing costs.
C) decreasing costs.
D) constant opportunity costs but increasing real costs.
E) constant opportunity costs but decreasing real costs.
Question 3 - How are the patterns of international trade, that is the pattern of what different countries export and import, explained?
What will be an ideal response?
Question 4 - Which of the following are theories of the BOT?
A) monetary approach
B) absorption approach
C) elasticities approach
D) Both B and C
Question 5 - Recently, many developing countries throughout the world have begun to institute policies that seek to
A) liberalize international trade by lowering trade barriers.
B) reduce dependence on international trade by raising trade barriers.
C) reduce dependence on international trade by instituting laws that call for buying only domestically made goods.
D) Two of the above.
Question 6 - Countries with low wages will always be able to export to countries with high wages.
Indicate whether the statement is true or false
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