The international trade of goods within the same industry is called
a. inter-industry trade.
b. intra-industry trade.
c. splitting up the value chain.
c. splitting up the supply chain.
b. intra-industry trade.
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Which of the following statements is true?
A) Optimization is an easy process, and all economic agents are perfect optimizers. B) Optimization implies choosing the best option from a set of alternatives. C) It is easier for a person to optimize when he has less information. D) People always successfully optimize given the limited information they have.
The closest a firm can come to being a perfect competitor would be
A. a corn farmer in Kansas. B. the owner of a small grocery store in St. Louis C. a used car dealer. D. a free agent major league baseball player.
When did NAFTA go into effect?
What will be an ideal response?
Maximum Feasible Hourly Production Rates of EitherComputers or Bicycles Using All Available ResourcesProductUnited StatesChinaComputers83Bicycles26 Refer to the above table. If opportunity costs are constant and the two countries trade
A. the United States should specialize in bicycles and China in computers. B. the United States should specialize in both bicycles and computers, and China should specialize in neither. C. the United States should specialize in computers and China in bicycles. D. there will be no trade because they are so different.