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

Question

1. The most profound influence driving globalization is an increased awareness of global human rights.
2. Open economies have less firm turnover due to more stable markets.
3. The benefits of international trade accrue in the forms of lower domestic prices, development of more efficient methods and new products, and a greater range of consumption choices.
4. In an open trading system, a country will import those commodities that it produces at relatively low cost while exporting commodities that can be produced at relatively high cost.
5. 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.

Answer 1

1. False
2. False
3. True
4. False
5. True