true or false Q21.The purchasing power parity (PPP) exchange rate could be found from any individual set of prices,Ifthe law of one price were true for all goods and services.

22.Tariffs improve the overall efficiency of the world economy
23.Import tariffs are far more common than export tariffs
24.Capital flight is most likely to occur when the value of the domestic currency is appreciating rapidly because of hyperinflation or when a country’s economic prospects are shaky in other respects
25.Adam Smith’s theory of comparative advantage was the first to explain why free trade is beneficial to a country
26.Smith, Ricardo, andHeckscher-Ohlin suggested that a country’s economy would gain only if its citizens buy products that are not made in that country
27.New trade theory stresses that in some cases countries specialize in the production and export of particular products not because of underlying differences in factor endowments, but because in certain industries the world market can support only a limited number of firms

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