Which of the following statements about international trade is least accurate？ If two countries have different opportunity costs of production for two goods, by engaging in trade:
A. Each country gains by importing the good for which it has a comparative advantage.
B. Each country can achieve a level of consumption outside its domestic production possibility frontier.
C. The low opportunity cost producer of each good will export to the high opportunity cost producer of that good.
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The most likely motivation for establishing a trading bloc is to:
A. Increase economic welfare in the member countries.
B. Increase tariff revenue for the member governments.
C. Protect domestic industries in the member economies.
Depreciation of a countrys currency is most likely to narrow its trade deficit when:
A. Its imports are greater in value than its exports.
B. Price elasticity of import demand is greater than one.
C. Investment increases relative to private and government savings.
Which of the following groups would be most likely to suffer losses from the imposition of a tariff on steel imports？
A. Domestic steel producers.
B. Workers in the domestic auto industry.
C. Workers in the domestic steel industry.
In which of the following inflation scenarios does short-run aggregate supply decrease due to increasing wage demands？
A. Cost-push inflation.
B. Demand-pull inflation.
C. Both cost-push and demand-pull inflation.
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