1.Which of the following statements about international trade is true?

A.With trade, world consumption possibilities decrease.

B.Typically, countries with a large GDP experience a trade surplus.

C.On a global scale imports must equal exports.

D.On a global scale, exports are greater than imports.

2.Tariffs on imported car will result in:

A.Higher prices for imported car.

B.Higher prices for domestic car.

C.Gains for workers in the domestic auto industry.

D.All of the above.

3.When the U.S. dollar appreciates relative to the Japanese yen:

A.Japanese goods imported to the U.S. are more expensive for U.S. consumers.

B.U.S. goods exported to Japan are cheaper for Japanese consumers.

C.Japanese tourists to the U.S. are worse off.

D.All of the above.