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1 - CHAPTER 1 THE INTERNATIONAL ECONOMY MULTIPLE-CHOICE...

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CHAPTER 1 THE INTERNATIONAL ECONOMY MULTIPLE-CHOICE QUESTIONS 1. A primary reason why nations conduct international trade is because: a. Some nations prefer to produce one thing while others produce other things b. Resources are not equally distributed among all trading nations c. Trade enhances opportunities to accumulate profits d. Interest rates are not identical in all trading nations 2. A main advantage of specialization results from: 3. International trade in goods and services is sometimes used as a substitute for all of the following except: 4. If a nation has an open economy, it means that the nation: 5. International trade forces domestic firms to become more competitive in terms of: a. The introduction of new products b. Product design and quality c. Product price d. All of the above 1
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