Trade improves our standard of living through specialization and voluntary exchange.

Name: Trade improves our standard of living through specialization and voluntary exchange.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Trade allows individuals and countries to specialize in producing goods and services they are comparatively better at, and exchange them with others, leading to an efficient allocation of resources and higher levels of production, income, and consumption. This leads to an overall improvement in our standard of living.

Trade Improves Our Standard of Living Through Specialization and Voluntary