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Suhaila Rahiman
Suhaila Rahiman, Graduate Student
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1. Which of the following statements is true (Points 2)

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1. Which of the following statements is true? (Points: 2)
       Nations have generally moved toward freer international trade policies over the past few decades.
       Nations all over the world have recently raised trade barriers.
       Eastern Europe and the Former Soviet Union countries have reduced trade in the last decade.
       NAFTA lowered trade barriers between the United States and Mexico but raised them between the United States and Canada.

2. Members of the EU (European Union): (Points: 2)
       have virtually eliminated all trade barriers within the community.
       have stopped using the euro as their new currency.
       in using the euro have increased the transaction costs of exchange.
       no longer trade with North America.

3. Which of the following statements is true? (Points: 2)
       If a nation can produce more of a good than another nation can, it has a comparative advantage in the production of that good.
       Comparative advantage results from a lower opportunity cost of production.
       Absolute advantage results from having more resources.
       Absolute advantage means that an individual or country can produce more of a particular good than can any other individual or country.

4. Countries that engage in trade will tend to specialize in goods in which they have a(n) _______ and will _______ those goods. (Points: 2)
       comparative advantage; import
       absolute advantage; export
       comparative advantage; export
       economic profit; import

5. The government is most likely to challenge a merger that: (Points: 2)
       is of the vertical type.
       is of the conglomerate type.
       results in a substantial lessening of competition, regardless of its type.
       results in any lessening of competition.

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