All correct in 11 mins 30 seconds, including almost 4 mins to read.
Para 1- Arboria's trade policy- continuing economic loss
Para 2- obsolete trade policy
Para 3- paralyzed by the relentless conflict between free and fare traders, 2 outdated premises
Para 4- Issues with the two outdated assumptions
494. Which of the following best states the difference between free trade and fair trade, as explained in the passage?
B. Free trade is based on the unrestricted movement of goods across all national boundaries, whereas fair trade is based on a nation's restriction of commerce with each nation that erects trade barriers to the first nation's exports.
The free traders argue that Arborian markets should be open, and the movement of goods and services across national borders unrestrained. The fair traders assert that access to Arborian markets should be restricted until Arborian businesses are granted equal access to foreign markets.
495. It can be inferred that the author of the passage would most likely agree with which of the following statements about multilateral trade negotiations?
D. Arborian reliance on multilateral trade negotiations, while appropriate in the past, is inadequate for today's global
marketplace.
But both sides base their positions on the same two outdated premises:
Forging a multilateral trade policy consensus among so many diverse economic systems has become virtually impossible.
496. Which of the following statements best summarizes the author's opinion of “free traders” and “fair traders”?
E. The proponents of both free and fair trade have based their positions on out-of-date premises that do not reflect current economic conditions.
Both are correct: fair trade requires equal access and equal access leads to free trade. But both sides base their positions on the same two outdated premises:
497. The author mentions all of the following as characteristic of world trade in the mid-1940s EXCEPT:
A. Arboria played a major role in the global
marketplace.- incorrect, an artifact of the mid-1940s when Arboria and Whorfland dominated the global economy
B. Whorfland played a major role in the global
marketplace.- same as A
C. Tariffs were the main obstacle to trade.- incorrect, tariffs were the principal obstacle to trade
D. Fair-trade economies dominated international trade.- Correct
E. Arborian manufacturers were unsurpassed in most industries.- incorrect, Arborian supremacy was uncontested in virtually all industries
498. In presenting the argument in the passage, the author uses all of the following EXCEPT:
A. statistical information about global commerce- incorrect, The 40-year-old GATT now covers less than 7 percent of global commerce. World trade is no longer dominated by the free-trade economies; nearly 75 percent is conducted by economic systems operating with principles at odds with those of Arboria.
B. definitions of terms concerning world trade- incorrect, The free traders argue that..
C. generalizations about Arboria's economic system- incorrect, first para
D. historical background of Arborian trade policy - incorrect, Arboria is operating with an obsolete trade policy...
E. an example of an economic system whose principles differ from those of Arboria - Correct
499. The author asserts which of the following about Arboria's trade policy?
C. Arboria's current trade policy was essentially developed during the 1940s and has changed little since that time. - correct, In the intervening decades, economic circumstances have shifted radically. Arborian trade policy has not.
500. The passage is primarily concerned with
C. advocating a reassessment of Arboria's trade policy - correct, Arboria's trade policy is an outdated one and is not appropriate for the present market
501. The author implies that the main obstacle to a truly effective Arborian trade policy is the
B. inability of Arborian leaders to recognize that foreign economic systems are based on principles fundamentally different from their own
The problem is not Arboria's products, but Arboria's trade policy. Arboria faces the prospect of continuing economic loss until Arborian business and political leaders recognize the fundamental differences between Arborian and foreign economic systems. Today the key trade issue is not free trade versus protectionism but diminishing trade versus expanding trade.
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When everything seems to be going against you, remember that the airplane takes off against the wind, not with it. - Henry Ford
The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long