Which statement is NOT a common argument against free trade? It causes jobs to be lost to foreign competition. It prevents infant industries from becoming competitive in world markets. It causes prices of imported goods to rise. It causes environmental damage due to fewer regulations abroad.

A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T- shirt and domestic production rises to 15 million T-shirts per year. The quota on T- shirts causes domestic consumers to A) gain $7 million. B) lose $7 million. C) lose $70 million. D) lose $77 million

Since the end of World War II, a) world trade has grown more rapidly than world output. b) world trade has grown more slowly than world GDP in the same time period. c) the trade-to-GDP ratios of most countries have fallen. d) world trade has grown more slowly than during the years leading up to World War II.

If a certain trade is good for one country, it must be good for the other country?

Choose a developing country that is starting to participate in global trade. Describe how economic concepts are affecting the lives of people in that country. Describe both the benefits and drawbacks of the country’s global trade activities.