Answer True or False for each of the following.
International trade benefits both partners, though not necessarily all citizens.
Absolute advantage determines trade specialization.
Tariffs are generally preferred by economists over quotas.
The U.S. has a large trade deficit with China, although its size is exaggerated.
Most American economists support at least relatively open trade.
Over time the terms of trade tend to move against final goods.
International trade typically increases competition and efficiency in an economy.
If a country is better at making all goods than another country there is no room for trade between the two.
The industrial world currently has the most open trade it has ever had.
Foreigners own more of the national debt today than 40 years