The table given below shows the absolute tax amounts under five different tax policies for respective income levels.Table 19.2

-Nations trade what they produce in excess of their own consumption to:

Question

The table given below shows the absolute tax amounts under five different tax policies for respective income levels.Table 19.2
 
-Nations trade what they produce in excess of their own consumption to:

Quizplus · Accepted Answer

Nations trade what they produce in excess of their own consumption to acquire other things that they want to consume. This is because international trade allows countries to specialize in producing the goods and services that they can produce most efficiently while importing the goods and services that they are less efficient at producing. In this way, countries can consume a greater variety of goods and services than they would be able to produce domestically.

The Table Given Below Shows the Absolute Tax Amounts Under