International trade permits greater consumption than would be possible from domestic production alone.

Question

Quizplus · Accepted Answer

International trade allows countries to specialize in producing goods and services that they have a comparative advantage in, while importing goods and services that are produced more efficiently or at a lower cost in other countries. This ultimately leads to greater consumption and a wider variety of goods and services available for consumers than would be possible from domestic production alone.

International Trade Permits Greater Consumption Than Would Be Possible from Domestic