Which of the following statements about international trade is TRUE?
A) After trade, one country gains, and the other is worse off.
B) If trade occurs, people's welfare will worsen.
C) Producers in different countries should specialize in the production of goods for which their opportunity cost is low.
D) International trade is based on absolute advantage.
Correct Answer:
Verified
Q74: Which of the following pieces of advice
Q75: Which of the following headlines is NOT
Q76: What is the basis of specialization?
A)Absolute advantage
B)Comparative
Q77: Which of the following statements is FALSE?
A)The
Q78: When trade is based on comparative advantage
A)output
Q80: When a country's production mix becomes more
Q81: Comparative advantage is about _ resources to
Q82: Trade based on comparative advantage does NOT
Q83: When resources are organized according to the
Q84: When trade is based on comparative advantage
A)producers
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