Advantages of International Trade - SS3 Economics Past Questions and Answers - page 1
What is one advantage of international trade?
Increased access to goods and services
Decreased access to goods and services
Decreased economic growth
Increased prices for consumers
How can international trade stimulate economic growth?
By creating new markets for goods and services
By reducing competition
By discouraging innovation and specialization
By increasing import tariffs
How can international trade improve living standards?
By reducing economic activity
By creating new jobs
By raising prices for consumers
By reducing access to goods and services
What can international trade lead to for consumers?
Lower prices
Higher prices
Decreased access to goods and services
Decreased international cooperation
What is one benefit of diversification of risk through international trade?
Increased dependence on any one market or source of goods
Reduced dependence on any one market or source of goods
Increased dependence on one market or source of goods
No impact on dependence on any one market or source of goods
How can international trade promote economic growth and development in countries?
International trade can stimulate economic growth and development by creating new markets for goods and services, increasing competition, encouraging innovation and specialization, and providing access to critical resources and technologies.
What are some potential risks or drawbacks associated with international trade?
Some potential risks or drawbacks of international trade include increased competition and job displacement in certain industries, unequal distribution of benefits and costs among different groups, dependence on foreign markets and suppliers, and potential political tensions or conflicts between trading partners.