Both countries can benefit from trade when:
A) at least one country produces the good for which it has an absolute advantage.
B) each country specializes in producing the good for which it has a comparative advantage.
C) each country specializes in producing the good for which it has an absolute advantage.
D) there are no trade barriers put in place by either country.
Correct Answer:
Verified
Q13: Comparative advantage is the ability to produce:
A)more
Q14: Gains from trade is the:
A)increase in welfare
Q15: Only a firm with _ at producing
Q16: The increase in welfare, in both countries'
Q17: Which of the following is true about
Q19: If England buys hockey sticks from Canada,
Q20: For the most part, trade between many
Q21: Technology or production processes developed in a
Q22: When a country gains from trade:
A)everyone in
Q23: Which of the following statements is true
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