Answer the following statements true (T) or false (F)
1.Intra-industry trade can be explained by product differentiation, economies of scale, seasons of the year, and transportation costs.
2.According to the theory of intra-industry trade, many manufactured goods undergo a trade cycle in which the home country initially is an exporter and eventually becomes an importer of a product.
3.The product-life-cycle theory applies best to trade in primary products in the short run.
4.According to the product-life-cycle theory, the first stage of a product's trade cycle is when it is introduced to the home market.
5.According to the product-life-cycle theory, the last stage of a product's trade cycle is when it becomes an import-competing good.
1.True
2.False
3.False
4.True
5.True
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