1) A) Which statement is true Trade allows for people to consume an increased variety of goods Trade forces each country to re invent the same ideas Trade monopolizes markets 99 65 Trade almost never works because of diseconomies of scale Suppose that the world price of SPAM is greater than the autarky price of that SPAM in England If England has free trade, it will a Have a comparative advantage in producing something else and import SPAM b Have a comparative advantage in producing something else and export SPAM c Have a comparative advantage in producing SPAM and import SPAM d Have a comparative advantage in producing SPAM and export SPAM Which statement is true A tariff will increase gains from trade while an import quota will not An import quota does not have deadweight loss while a tariff does A tariff does not have deadweight loss while an import quota does 31 0575 A tariff and an import quota will have the same effect on the economy, only the quota does not raise tax revenue Which of the following will be true when a country opens to free trade and imports a good Statement ) Consumer surplus will rise Statement II) Producer surplus will fall Both statements are true Statement is false but Statement II is true Both statements are false 995 Statement is true but Statement II is false Which of the following will be true when a country opens to free trade and exports a good Statement l) Producer surplus will rise Statement ll) Gains from trade will fall Statement l is false but Statement II is true Both statements are false Both statements are true 99 65 Statement l is true but Statement II is false

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1) A) Which statement is true  Trade allows for people to consume an increased variety of goods  Trade forces each country to re invent the same ideas  Trade monopolizes markets  99 65 Trade almost never works because of diseconomies of scale  Suppose that the world price of SPAM is greater than the autarky price of that SPAM in England  If England has free trade, it will      a  Have a comparative advantage in producing something else and import SPAM    b  Have a comparative advantage in producing something else and export SPAM    c  Have a comparative advantage in producing SPAM and import SPAM  d  Have a comparative advantage in producing SPAM and export SPAM  Which statement is true  A tariff will increase gains from trade while an import quota will not  An import quota does not have deadweight loss while a tariff does  A tariff does not have deadweight loss while an import quota does  31 0575 A tariff and an import quota will have the same effect on the economy, only the quota does not raise tax revenue  Which of the following will be true when a country opens to free trade and imports a good  Statement  ) Consumer surplus will rise  Statement II) Producer surplus will fall  Both statements are true  Statement   is false but Statement II is true  Both statements are false  995   Statement   is true but Statement II is false  Which of the following will be true when a country opens to free trade and exports a good  Statement l) Producer surplus will rise  Statement ll) Gains from trade will fall  Statement l is false but Statement II is true  Both statements are false  Both statements are true  99 65 Statement l is true but Statement II is false

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1) A) Which statement is true? Trade allows for people to consume an increased variety of goods....

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