What impact does the empirical evidence suggest trade has on a country's growth rates?
a. The more trade a country engages in, the slower its rates of growth.
b. Trade increases a country's GDP level but has no effect on rates of growth.
c. It has a strong positive impact, though not as strong as investments in physical and human capital.
d. It is impossible to tell because higher growth may be either a cause or an effect of higher levels of trade.
e. Most of the empirical evidence is too ambiguous to draw hard conclusions about the impact of trade on growth.
Question 2
According to economic theory, in what should arbitrage conducted in a borderless world result?
a. price equality
b. higher prices where supply is lower
c. higher prices where demand is higher
d. wealth being concentrated in the hands of the few
e. a widening gap between the incomes of rich and poor countries
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