International trade is based on the idea that:
A. Exports should exceed imports
B. Imports should exceed exports
C. Resources are more mobile internationally than are goods
D. Resources are less mobile internationally than are goods
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Increased foreign competition tends to:
A. Intensify inflationary pressures at home
B. Induce falling output per worker-hour for domestic workers
C. Place constraints on the wages of domestic workers
D. Increase profits of domestic import-competing industries
____ is the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and /or cheaper than those of other firms /industries.
A. Competitiveness
B. Protectionism
Comparative advantage
D. Absolute advantage
A firm's ____, relative to that of other firms, is generally regarded as the most important determinant of competitiveness.
A. Income level
B. Tastes and preferences
C. Governmental regulation
D. Productivity
Free traders maintain that an open economy is advantageous in that it provides all of the following except:
A. Increased competition for world producers
B. A wider selection of products for consumers
C. The utilization of the most efficient production methods
D. Relatively high wage levels for all domestic workers
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