5 Questions
Which of the following best defines international trade?
The exchange of goods and services between countries
What is the main difference between international trade and internal trade?
International trade involves transactions between residents of different countries, while internal trade involves transactions within a country
What do most economists agree on regarding trade among nations?
Trade among nations makes the world better off
Which theory of international trade explains trade based on absolute advantage?
Mercantilist theory
What will you be able to do after studying this unit?
All of the above
Test your knowledge on the theories of international trade in this quiz. Learn about the differences between international and internal trade, arguments for and against liberal trade, the views of mercantilists, and the concept of absolute advantage.
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