When two countries specialize and trade:
A) they both can enjoy more output than either country could produce on its own.
B) they can achieve consumption levels beyond their own production possibilities.
C) both countries can gain surplus.
D) All of these are true.
Correct Answer:
Verified
Q7: When a country has the ability to
Q8: When a country has the ability to
Q9: If Spain sells soccer balls to the
Q10: Which of the following is not an
Q11: Voluntary exchanges between _ generate surplus.
A)firms
B)countries
C)individuals
D)All of
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
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