- Snowland has an absolute advantage over Aridzonia in the production of fish. Which of the following is true about the impact of free trade for these nations?
A. Consumers in Snowland will gain from trade.
B. Producers in Snowland will lose from trade.
C. Consumers in Aridzonia will gain from trade.
D. None of the above.
QUESTION 27
- Snowland has an absolute advantage over Aridzonia in the production of fish. Which of the following is true about the impact of free trade on these nations?
A. The price of fish in Snowland will increase.
B. The world price of fish will be less than the price of fish in Snowland.
C. Producers in Snowland will decrease their production of fish.
D. Consumers in Aridzonia will purchase less fish.
QUESTION 28
- The most controversial provisions created by the World Trade Organization (WTO) are those associated with
trade in goods (GATT).
trade in services (GATS).
trade-related aspects of intellectual property rights (TRIPS).
none of the above.
