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A country's level of trade is measured by exports as a percentage of
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- True or false question below. A country's level of trade is measured by exports as a percentage of GDP.Explain the importance of foreign trade.Consider how the people in the United States benefit from trade. Explain how it affects people and businesses in what they consume. Explain how it affects people and businesses in what they produce.
- What three factors will determine whether a nation has a higher or lower share of trade relative to its GDP?Which of the following is TRUE regarding trade and wages? Countries with low productivity levels will always have lower wages than high-productivity nations whether they trade or not. Trade can increase wages by increasing the productivity of labor. Trade directly increases productivity, which in turn increases wages. Trade helps to equalize wages between high- and low-productivity countries.If a country closes off to trade and prices remain unchanged, what does that mean?
- Why do larger countries typically have smaller export markets (as a percentage of total production) than smaller countries?Which of the following tends to increase trade between countries?a) Larger gross domestic product.b) Linguistic affinity.c) Well-controlled borders between countries.d) Cultural affinity.e) Strict financial market regulationexplain the importance of the terms of trade to a nation and how changes in the terms of trade are likely to impact social welfare.
