The Basic Proposition in International Trade Is That

question 268

Multiple Choice

The basic proposition in international trade is that

• A) trade is determined by absolute advantage.
• B) in the long run, imports are paid for by exports.
• C) everyone is made better off by free trade.
• D) fair trade is more important than free trade.

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Definitions:

Conscious Incompetence

Awareness of one's lack of knowledge or ability in a certain area, recognizing the need for improvement.

Plasma Membrane

Cell membrane that encloses the cytoplasm; separates a cell from its external environment.

Cilia

Singular cilium. Short, hairlike structures that project from the plasma membrane of some eukaryotic cells. Motile types often occur in clumps that beat in unison.

Flagella

Long, whip-like structures that protrude from the cell body of certain organisms, used for movement.