Consumption possibilities refers to the:
A) Maximum amount of imported goods and services that a country can consume.
B) Amount that a country can expand its production possibilities by because of trade.
C) Alternative combinations of goods and services that a country can consume.
D) Maximum amount that a country can produce if it engages in trade.
Correct Answer:
Verified
Q34: If a country specializes in production and
Q35: World output of goods and services increases
Q36: Specialization and trade:
A) Reduce consumption possibilities.
B) Increase
Q37: Which of the following is true?
A) Large
Q38: The most desired goods and services that
Q40: Specialization and trade benefits:
A) Both rich countries
Q41: Terms of trade refer to:
A) Negotiations made
Q42: Comparative advantage refers to a country's:
A) Ability
Q43: If a country has an absolute advantage,it
Q44: Suppose Brazil has a comparative advantage in
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