In recent years, which countries have taken a unilateral approach to the removal of trade restrictions?

Only long-run changes in output can be brought about by unexpected change in policy

a. True b. False Indicate whether the statement is true or false

Comparative advantage indicates that:

A. specialization and exchange will permit trading partners to maximize their joint consumption. B. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods. C. a nation can gain from trade only when its trading partners are not low-wage countries. D. countries should export products for which they are high-opportunity cost producers.