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Questions and Answers
Which of the following best describes international trade?
Which of the following best describes international trade?
- The exchange of goods and services between different countries (correct)
- The exchange of goods and services within a country
- The exchange of goods and services between neighboring countries
- The exchange of goods and services within a continent
What are some reasons for international trade?
What are some reasons for international trade?
- To increase trade barriers and restrictions
- To reduce demand in new markets
- To meet the demand for new products that cannot be supplied domestically (correct)
- To limit the movement of products
How does international trade affect the balance of trade?
How does international trade affect the balance of trade?
- It has no impact on the balance of trade
- It always produces a favorable result for all countries involved
- It always produces an unfavorable result for all countries involved
- It may produce a favorable result for some countries and an unfavorable result for others (correct)
What is one factor that influences differences in production costs?
What is one factor that influences differences in production costs?
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What happens when trade barriers and restrictions are removed?
What happens when trade barriers and restrictions are removed?
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