The main advantage of trade between two countries is that
A. trade will lead to a more equitable distribution of income in both countries.
B. trade makes both countries more self-sufficient.
C. employment in both countries will increase.
D. both countries have consumption choices beyond their current resource and production constraints.
Answer: D
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Total surplus:
A. is producer and consumer surplus combined.
B. is producer surplus minus consumer surplus.
C. is consumer surplus minus producer surplus.
D. is the total amount spent on a good in a market.
The difference in land prices between Washington, D.C., and Tulsa, Oklahoma, is an example of a permanent resource price differential
a. True b. False
In the U.S., health care may be expensive, but Americans enjoy the longest life-expectancy of any nation
a. True b. False Indicate whether the statement is true or false
Usury is considered the charging of
A. higher interest rates than people are willing to pay. B. lower interest rates than people are willing to pay. C. unconscionably high interest rates. D. extremely low rates of interest.