Trade makes people better off only when they all have the same preferences.

Name: Trade makes people better off only when they all have the same preferences.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Trade can still make people better off even when they have different preferences because they can specialize in producing the goods they are most efficient at and then trade with others to obtain the goods they desire. This is known as comparative advantage.

Trade Makes People Better Off Only When They All Have