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Questions and Answers
Which of the following best defines international trade?
Which of the following best defines international trade?
- The exchange of goods and services between countries (correct)
- The exchange of goods and services between companies
- The exchange of goods and services within a region
- The exchange of goods and services within a country
What is the main difference between international trade and internal trade?
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 (correct)
- International trade involves transactions between regions, while internal trade involves transactions between countries
- International trade involves transactions between individuals, while internal trade involves transactions between companies
- International trade involves transactions between companies, while internal trade involves transactions between individuals
What do most economists agree on regarding trade among nations?
What do most economists agree on regarding trade among nations?
- Trade among nations makes the world worse off
- Trade among nations has no impact on the world
- Economists have different opinions regarding trade among nations
- Trade among nations makes the world better off (correct)
Which theory of international trade explains trade based on absolute advantage?
Which theory of international trade explains trade based on absolute advantage?
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What will you be able to do after studying this unit?
What will you be able to do after studying this unit?
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