Question 1

Most economists view the United States' experience with trade as&#10;A)one from which no firm conclusions about the virtues of free trade can be reached,due to the relatively short history of international trade in the U.S.&#10;B)one from which no firm conclusions about the virtues of free trade can be reached,due to the lack of trade within the U.S.throughout most of the early history of the U.S.&#10;C)an ongoing experiment that confirms the virtues of free trade.&#10;D)an ongoing experiment that calls into serious question the notion that free trade enhances the economic well-being of a nation.

Accepted Answer

Most economists view the United States' experience with trade as an ongoing experiment that confirms the virtues of free trade. The U.S. has been one of the world's largest trading nations for decades, and its economy has grown significantly due to free trade policies. The benefits of free trade, such as increased competition, lower costs, and access to larger markets, have been observed in the U.S. economy. However, some argue that certain industries and workers may be negatively affected by free trade, which has led to debates over the fairness of trade policies. Nonetheless, on balance, the general consensus among economists is that free trade is beneficial for economic growth and development.

Question 2

In 2008,the Los Angeles Times asked members of the American public whether free international trade has helped or hurt the economy.Of those surveyed,
a.57 percent said free international trade helped the economy.
b.26 percent said free international trade helped the economy.
c.30 percent said free international trade hurt the economy.
d.16 percent said free international trade hurt the economy.

Accepted Answer

The answer of In 2008,the Los Angeles Times asked members...

Question 3

Economists view the fact that Florida grows oranges,Texas pumps oil,and California makes wine as&#10;A)confirmation of the virtues of free trade.&#10;B)confirmation of the infant-industry argument.&#10;C)confirmation that free trade agreements are not necessary.&#10;D)confirmation that specialization in absolute advantage works.

Accepted Answer

Economists see these examples as confirmation of the virtues of free trade because they illustrate how regions specialize in producing goods for which they have a comparative advantage, leading to more efficient production and trade.

Deck 9: 4: Sec 94 Mc Conclusion