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Question 1. Gains from trade:
a. tend to be greater for large countries than for small ones.
b. tend to be smaller for countries producing goods with economies of scale.
c. exist only when a country has an absolute advantage in at least one product.
d. accrue primarily to traders when entry is limited.
Question 2. Isolationism, a policy of trying to minimize a nation's political and economic interactions with the rest of the world:
a. has always been key part of American politics.
b. was important until the late 19th century and then declined.
c. rose in America in the late 19th century and was an important political element until World War II.
d. rose to importance in the U.S. after World War II.
Question 3. In the early 2000s, the outsourcing of service jobs such as those in call centers has become a political issue. How do economists view outsourcing?
a. It helps both countries in the long run.
b. It hurts both countries because we lose jobs and the employees of the call center are exploited with low wages.
c. It helps the U.S. but hurts the country with the low-cost labor.
d. It helps the country getting the jobs but hurts the U.S.
Question 4. Strategic bargaining
a. always reduces the number of trade restrictions.
b. always increases the number of trade restrictions.
c. may increase the number of trade restrictions if it is successful.
d. may reduce the number of trade restrictions if it is successful.