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Economics U$A: 21st Century Edition

International Trade Quiz

The MAIN purpose of a tariff is to:

Generally, a nation should probably specialize in those products:

Which of the following BEST describes the effect of free trade upon prices? Under free trade:

Economist Waldo B. was overheard making the remark that more tariffs could do nothing but enhance terms of trade for the U.S. “After all,” says Waldo, “we’re the most technologically efficient nation in the world. Why shouldn’t everyone want to trade with us? Meanwhile, we must do something to look out for ourselves.” Waldo’s argument is based on the fallacious assumption that:

Economists generally dislike the practice of restricting trade. Their MAIN criticism of this practice is that it:

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Economics U$A: 21st Century Edition