Multiple Choice
In terms of economics, international trade is very similar to trade between two people in a small local neighborhood, except:
A) for the impact of specialization that does not occur in local trade.
B) for political considerations such as country borders.
C) that international trade is based on the concept of comparative advantage whereas local trade is not.
D) for the impact of division of knowledge that does not exist in local trade.
Correct Answer:
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