Which of the following is true?
i. Compared to a no-trade situation, exports make consumers better off.
ii. Tariffs make consumers worse off.
iii. Trade is restricted because protection brings small losses to a large number of people and large gains to a small number of people.
A) Only i B) Only ii C) Only iii D) i and iii E) ii and iii
E
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An example of barter is voluntary work at an old-age home
a. True b. False Indicate whether the statement is true or false
Which of the following is the best definition of openness?
a. The average of imports expressed as a share of GDP. b. The average of goods traded in markets expressed as a share of GDP. c. The average of imports and exports expressed as a share of GDP. d. The average trade balance expressed as a share of GDP. e. The average of exports expressed as a share of GDP.