Answer the following statements true (T) or false (F)

1. Only in developing nations would one expect the value of either exports or imports to exceed 200 percent of gross national product.
2. In dollar value, the United States is the largest importer in the world.
3. The value of U.S. exports is about 10 percent of its GDP.
4. Although political arguments strongly favor free trade, most decisions affecting international trade are made in the economic arena.
5. The only factor determining whether a country can develop a comparative advantage in production is the degree to which it has a highly skilled labor force.



1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE

Economics

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