1 .		The United States began to import more than it exported, beginning in the:     20th century   1850s   1950s   1970s
2 .		The purpose of the Corn Laws was to:     keep the price of food low.   keep the price of food high.   hurt landowners.   help win the War of 1812 with the United States.
3 .		Free trade can benefit even those producers that are absolutely less efficient.     True   False
4 .		One country can have an absolute advantage in the production of all goods relative to another country.     True   False
5 .		The ratio at which a country can trade domestic products for imported products is called:     comparative advantage.   absolute advantage.   terms of trade.   opportunity cost.
6 .		Exchange rates:     determine the terms of trade.   determine which country gains the most.   tell how much of one currency you can buy with another.   All of the above.
7 .		Factor endowments are the principle sources of comparative advantage.     True   False
8 .		In September of 2000, the British pound was worth about:    $1.47   $1.00   $4.00   $0.14
9 .		Natural comparative advantages are the same as acquired comparative advantages.     True   False
10 .		A quota is a limit on imports.     True   False
11 .		All of the following are examples of international trade agreements with the exception of:     NAFTA   GATT   ASU   EU
12 .		Which of the following is not an argument made in favor of trade protection?     increases gains from free trade   makes competition more fair   saves jobs   safeguards infant industries