The gains from trade include i.lower prices from competition.
Ii)greater output from specialisation.
Iii)greater variety of goods and services available.
A)i and ii only
B)ii only
C)ii and iii only
D)i,ii and iii
E)i and iii only

Question

Quizplus · Accepted Answer

The gains from trade are the benefits that countries, individuals, and firms experience when they engage in international trade. These gains include lower prices due to increased competition, greater output from specialization, and a greater variety of goods and services available. Therefore, the correct answer is D, as it includes all three gains from trade.

The Gains from Trade Include I