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True or False
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1.
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.
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.
One country will gain and one country will lose as the result of the opening of trade.
A)TRUE
B)FALSE
4.
While a country as a whole may gain from trade, all groups within the country may not gain.
A)TRUE
B)FALSE
5.
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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