International trade is advantageous because trade makes it possible for people in each country to
a. import more than they export.
b. export more than they import.
c. employ more of their domestic resources producing things that are costly for them to produce domestically.
d. acquire goods from foreigners more economically than they could be produced domestically.
e. do all of the above.
D
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If the probability of a bond default increases because corporations begin to suffer large losses, then the default risk on corporate bonds will ________ and the expected return on these bonds will ________, everything else held constant
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease
A firm that generates zero economic profit usually faces
A) negative business profit. B) zero business profit. C) positive business profit. D) business profit equal to half the total revenue.
Given a fixed nominal interest rate on a loan, unanticipated inflation:
a. decreases the burden of paying off the loan. b. increases the burden of paying off the loan. c. does not alter the burden of paying off the loan. d. benefits savers.
Total surplus equals:
A. consumer surplus + producer surplus ? deadweight loss. B. consumer surplus ? producer surplus ? deadweight loss. C. consumer surplus ? producer surplus + deadweight loss. D. consumer surplus + producer surplus.