Gains from trade exist for:
A)individuals only.
B)states only.
C)countries only.
D)individuals,states,and countries.

Question

Quizplus · Accepted Answer

Gains from trade can occur at the individual, state, and country level. When individuals specialize in the production of goods or services in which they have a comparative advantage and trade with others for goods or services they do not produce as efficiently, they can increase their overall well-being. Similarly, when states or countries trade with each other, they can both benefit by specializing in the production of goods or services that they have a comparative advantage in and trading with other states or countries for goods or services they do not produce as efficiently. Overall, gains from trade can occur for individuals, states, and countries if they specialize in production and trade with others for goods and services they do not produce as efficiently.

Gains from Trade Exist For