I have 8 questions out of 20 I am stuck on... I was hoping I could get some seco

Question

I have 8 questions out of 20 I am stuck on... I was hoping I could get some second opinions, I will post the ones I got simple answers for, detail is also apparently important as each questions would be 6 marks on an test. Thanks!!

Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.

5. Opening an economy to trade makes everyone in the economy better off.

This one I just don't even know where to start off... there are too many variables??

Explanation / Answer

It depends if the trade is domestic or international. Lets say its international. Furthermore let us say only Country A has the ability to produce widgets (a general economic term used to denote a product). Now if they open the borders for trade, and global demand greatly increases for those widgets, then the domestic and international price will rise. Now the producers and international customers are better of, but the domestic customers (who now may more) are worse off.

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