Advantages of International Trade - SS3 Economics Past Questions and Answers (page 1)

1

What is one advantage of international trade?

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A

Increased access to goods and services

B

Decreased access to goods and services

C

Decreased economic growth

D

Increased prices for consumers

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2

How can international trade stimulate economic growth?

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A

By creating new markets for goods and services

B

By reducing competition

C

By discouraging innovation and specialization

D

By increasing import tariffs

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3

How can international trade improve living standards?

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A

By reducing economic activity

B

By creating new jobs

C

By raising prices for consumers

D

By reducing access to goods and services

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4

What can international trade lead to for consumers?

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A

Lower prices

B

Higher prices

C

Decreased access to goods and services

D

Decreased international cooperation

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5

What is one benefit of diversification of risk through international trade?

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A

Increased dependence on any one market or source of goods

B

Reduced dependence on any one market or source of goods

C

Increased dependence on one market or source of goods

D

No impact on dependence on any one market or source of goods

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6

How can international trade promote economic growth and development in countries?

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7

What are some potential risks or drawbacks associated with international trade?

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Advantages of International Trade - SS3 Economics Past Questions and Answers - page 1