A Common Fallacy That Is Used to Oppose Trade Is

question 130

Multiple Choice

A common fallacy that is used to oppose trade is the idea that

• A)the only gains from trade go to the rich, so the poor must lose.
• B)"you get what you pay for."
• C)"if it's not broken, don't fix it."
• D)one country's gain must be another's loss.
• E)what is true for one is true for all.

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Definitions:

Price Unchanged

A situation in which the selling price of a good or service remains the same over a given period.

Financial Account

A component of a country's balance of payments that records all transactions involving the purchase or sale of financial assets.

Hypothetical Data

Data or information that is assumed or simulated based on certain conditions or parameters, used for theoretical analysis or making predictions.

Surplus

A situation where the quantity of goods or services supplied exceeds the quantity demanded at the current price.