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True or False
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1

True or False? When trade opens, the price that domestic producers receive when they sell a unit of the good falls to the price in the rest of the world.
A)TRUE
B)FALSE
2

True or False? Producer surplus after the opening of trade is calculated by finding the area under the demand curve and above the world price.
A)TRUE
B)FALSE
3

True or False? One country will gain and one country will lose as the result of the opening of trade.
A)TRUE
B)FALSE
4

True or False? While a country as a whole may gain from trade, all groups within the country may not gain.
A)TRUE
B)FALSE
5

True or False? The elasticity of the demand and supply curves will affect the size of the producer and consumer surpluses.
A)TRUE
B)FALSE





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