These are all true or false.

1. For most nations, trade as a share of domestic output has been decreasing since 1970 and as a result the global market for goods and services has been contracting at the rate of about 6% per year since 1950.

T or F

2. A nation using union labor monopolies to produce a product can export its surplus at a lower global price to those nations that are more efficient producers of the same product and as a result make the consumers in the exporting nations better off.

T or F

3. ALl else held constant, an improvement in technology in the production of a given product leads to a decrease in equilibrium price and greater competitiveness in the global market place.

T or F

4. In terms of a nation's level of income and domestic production, voluntary market exchange that leads to consumer surplus is always good but producer surplus is always bad.

T or F

5. Foreign direct investment is of shorter duration and tends to be much more volatile than other forms of private financial investment in foreign nations.

T or F

6. A major component of globalization is the extent and strength of real and financial sector linkages among national economies.

T or F

7. All non-price factors of supply held constant, an increase in price will tend to increase the quantity supplied within a period.

T or F.