If goods are produced abroad but consumed domestically,
A) those goods are termed imports
B) international trade has not occurred
C) the domestic economy is economically inefficient
D) there are no gains from specialization
E) those goods are termed exports
Correct Answer:
Verified
Q2: Assume the North Island of New Zealand
Q3: Mutually beneficial international trade between two countries
Q4: Which of the following statements is true?
A)Exports
Q5: If Armenia can produce rugs more efficiently
Q6: Assume that India has a comparative advantage
Q7: A nation has a comparative advantage in
Q8: If Japan can produce each unit of
Q9: Which of the following must be true
Q10: International trade occurs whenever
A)two nations have achieved
Q11: Figure 16-1
Number of workers needed to produce
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