Answer the following statements true (T) or false (F)
1) Immigration of workers is an example of a goods and services flow.
2) The United States exports a higher U.S. dollar volume of goods to Canada than to any other nation.
3) Specialized production and international trade increase a nation's productivity and increase the availability of goods and services.
4) A nation has a comparative advantage in some product when it can produce that good at alower domestic opportunity cost than can a potential trading partner.
5) Terms of trade of 1X = 5Y will be acceptable to two countries that have domestic opportunity costs of 1X = 4Y and 1X = 1Y, respectively.
1) F
2) T
3) T
4) T
5) F
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