Global trade provides consumers with which of the following benefits?

• A. Limited choices in the marketplace
• B. Access to a greater variety of goods and services
• C. Higher prices for domestic products
• D. Reduced competition among producers

Answer: (B)

Verified step by step guidance

1. Understand the concept of global trade: it involves the exchange of goods and services across international borders, allowing countries to specialize in producing what they do best.
2. Recognize that one key benefit of global trade is increased consumer choice, as it allows access to products that may not be produced domestically.
3. Consider the impact of global trade on prices: increased competition from foreign producers often leads to lower prices, not higher prices, for consumers.
4. Analyze how global trade affects competition: it generally increases competition among producers by exposing them to international markets, rather than reducing it.
5. Conclude that the primary benefit to consumers from global trade is access to a greater variety of goods and services, enhancing their options in the marketplace.