nd a greater range of consumption choices.?True?2 In an open trading system, a country will import modities that it produces at relatively low cost while modities that can be produced at relatively high cost.?FalseР8Р3 Although free trade provides benefits for consumers, it is often argued that import protection should be provided to domestic producers of strategic goods and materials vital to the nation’s security.?True?4 In the long run, competitiveness depends on an industry’s natural resources, its stock of machinery and equipment, and the skill of its workers in creating goods that people want to buy.?TrueР9Р5 If a nation has an open economy, it means that the nation allows private ownership of capital. ?False?6 Increased petition tends to increase profits of domestic panies.?FalseР10
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