Which of the following is true about the role governments play in trade?
A) Each country's government must agree on who is going to specialize in what good.
B) Governments must employ economic planners to discover who has the comparative advantages for different products.
C) Governments do not need to manage individual firms' decisions.
D) Firms and individuals must follow government mandates about what to trade.
Correct Answer:
Verified
Q12: When two countries specialize and trade:
A)they both
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'
Q18: Both countries can benefit from trade when:
A)at
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
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents