If a nation decides to specialize and trade, which of the following situations could be expected to occur?
a) lower prices
b) fewer domestic jobs
c) decreased resource availability
d) decreased dependence on other nations
e) decreased quantity and quality of goods
Ans: a) lower prices
You might also like to view...
Individual families exhibit remarkable year-to-year stability in income
Indicate whether the statement is true or false
Make a list of expenditures whose sum equals GDP
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
A. increase in the supply of the good. B. increase in the demand for the good. C. decrease in the demand for the good. D. decrease in the supply of the good.
When quantity demanded is greater than quantity supplied, there is a _____________.
Fill in the blank(s) with the appropriate word(s).