Unless There Are Barriers to Prevent Free International Trade,a Country

question 20

Multiple Choice

Unless there are barriers to prevent free international trade,a country becomes an importer:

• A)when the world price exceeds the domestic price.
• B)when the domestic price exceeds the world price.
• C)when there is an excess supply in the domestic market.
• D)when it wants to expand its scale of operation.
• E)when the opportunity cost of producing a good is lower relative to other countries.

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Definitions:

Fee Simple

The most extensive ownership interest in land that one can possess, without time limitation to any particular line of heirs.

Fixtures

Items that were personal property but have been attached to property in such a way that they are legally considered part of the real property.

Fee Simple

The most complete ownership in property law, giving the holder full possession and control over their property without time limitations.

Crown

A term used in legal contexts to denote authority and power of the state, or the monarch in countries with a monarchy.