To increase the efficiency of production

To promote economic growth

To reduce poverty

To improve the standard of living

A theory that explains why countries should specialize in the production of goods and services in which they have a comparative advantage.

A theory that explains why countries should trade with each other.

A theory that explains why countries should protect their domestic industries.

A theory that explains why countries should pursue autarky.

Absolute advantage refers to the ability of a country to produce more of a good or service with the same resources, while comparative advantage refers to the ability of a country to produce a good or service at a lower opportunity cost.

Absolute advantage refers to the ability of a country to produce more of a good or service with the same resources, while comparative advantage refers to the ability of a country to produce a good or service at a higher opportunity cost.

Absolute advantage refers to the ability of a country to produce more of a good or service with the same resources, while comparative advantage refers to the ability of a country to produce a good or service at the same opportunity cost.

Absolute advantage refers to the ability of a country to produce more of a good or service with the same resources, while comparative advantage refers to the ability of a country to produce a good or service at a lower opportunity cost.

Increased efficiency of production

Increased economic growth

Reduced poverty

Improved standard of living

All of the above

Unequal distribution of benefits

Job losses in certain industries

Environmental degradation

Cultural homogenization

All of the above

Tariffs

Quotas

Subsidies

Embargoes

All of the above

An international organization that regulates trade between countries.

An international organization that promotes free trade.

An international organization that resolves trade disputes.

All of the above

None of the above

A free trade agreement (FTA) is an agreement between two or more countries to reduce or eliminate tariffs and other trade barriers, while a customs union is an agreement between two or more countries to eliminate tariffs and other trade barriers among themselves and to adopt a common external tariff.

A free trade agreement (FTA) is an agreement between two or more countries to eliminate tariffs and other trade barriers, while a customs union is an agreement between two or more countries to reduce or eliminate tariffs and other trade barriers.

A free trade agreement (FTA) is an agreement between two or more countries to adopt a common external tariff, while a customs union is an agreement between two or more countries to eliminate tariffs and other trade barriers among themselves.

A free trade agreement (FTA) is an agreement between two or more countries to reduce or eliminate tariffs and other trade barriers, while a customs union is an agreement between two or more countries to adopt a common external tariff and to eliminate tariffs and other trade barriers among themselves.

Comparative advantage

Demand

Supply

Transportation costs

All of the above

A trade deficit occurs when a country imports more goods and services than it exports, while a trade surplus occurs when a country exports more goods and services than it imports.

A trade deficit occurs when a country exports more goods and services than it imports, while a trade surplus occurs when a country imports more goods and services than it exports.

A trade deficit occurs when a country's exports and imports are equal, while a trade surplus occurs when a country's exports and imports are not equal.

A trade deficit occurs when a country's exports and imports are not equal, while a trade surplus occurs when a country's exports and imports are equal.

International trade can lead to economic growth by increasing efficiency, promoting innovation, and expanding markets.

International trade can lead to economic growth by reducing poverty and inequality.

International trade can lead to economic growth by improving the standard of living.

All of the above

None of the above

The exploitation of workers in developing countries

The environmental impact of production and transportation

The cultural homogenization of different societies

All of the above

None of the above

The rise of protectionism

The increasing complexity of global supply chains

The digital divide

Climate change

All of the above

The continued growth of global trade

The fragmentation of the global trading system

A more sustainable and inclusive global trading system

All of the above

None of the above