1 Nigerian Worker 1 Romanian Worker Basketballs 10 Barbie Dolls 20 The opportunity cost of producing one basketball in Romania is Multiple Choice two-thirds of a Barbie doll one and a half Barbie dolls four Barbie dolls. O one Barbie dollIf more foreign tourists visited the U.S., this would Multiple Choice O raise our overall trade imbalance. O raise our merchandise trade imbalance. O lower our overall trade imbalance. O lower our merchandise trade imbalance.Saved Since 1976 our merchandise balance of trade has been and our services balance of trade has been Multiple Choice O positive; negative O negative: positive O negative; negative O positive; positiveIf the U.S. government imposed a tariff on imported steel, it would be expected that: Multiple Choice O the quantity of steel used in the U.S. would decrease. O the quantity of steel imported would be reduced. O All of these are true O the price of steel would rise.Which of the following statements is true? Multiple Choice O Dollars are used for all international transactions. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade. O None of these is true O Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for protection.One way of reducing our trade deficit would be to get Americans to Multiple Choice O save more and consume less O save less and consume more O save less and consume less. O save more and consume more: A tariff is a Multiple Choice O limit on the quantities of a good that can be imported each year. O tax on exports that tends to make them cheaper for foreigners to buy. O tax on imports that raises their prices and makes them less attractive to domestic consumers. O subsidy to workers harmed by U.S. trade with foreign countries.Dumping occurs when a producer Multiple Choice sells an export at a higher price than it charges domestically. O attempts to bankrupt foreign competitors by selling below cost. O buys raw materials at exploitatively low prices. O exports low-priced low-quality products.A nation has a comparative advantage over a trading partner in the production of good A if it Multiple Choice 45 can match its trading partner's output of good A and have resources left over. has an absolute advantage over its trading partner. O can produce good A with the same resources as its trading partner but in less time. O produces good A at a lower opportunity cost per unit than its trading partner