Podcast
Questions and Answers
What is the main goal of international trade from the perspective of consumers and producers?
What is the main goal of international trade from the perspective of consumers and producers?
The ability to buy goods and services at lower prices than domestic prices.
How does international trade increase choices for consumers?
How does international trade increase choices for consumers?
International trade enables consumers to have a greater choice of products.
Why might a country need to import certain commodities that it lacks?
Why might a country need to import certain commodities that it lacks?
A country may need to import resources it does not have in order to produce other products.
How does international trade lead to economies of scale?
How does international trade lead to economies of scale?
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What effect can international trade have on competition?
What effect can international trade have on competition?
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How does free international trade lead to efficient resource allocation?
How does free international trade lead to efficient resource allocation?
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International trade allows consumers to buy goods and services at a ______ price than the domestic one.
International trade allows consumers to buy goods and services at a ______ price than the domestic one.
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Consumers benefit from international trade by having greater ______ of products.
Consumers benefit from international trade by having greater ______ of products.
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Countries may need to import commodities they lack due to differences in ______.
Countries may need to import commodities they lack due to differences in ______.
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When a country produces for an international market, the size of the market and demand will ______.
When a country produces for an international market, the size of the market and demand will ______.
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International trade can lead to increased competition as domestic firms compete with ______ firms.
International trade can lead to increased competition as domestic firms compete with ______ firms.
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Efficient allocation of resources is achieved in international trade when countries produce goods and services at the ______ cost.
Efficient allocation of resources is achieved in international trade when countries produce goods and services at the ______ cost.
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