Which of the statements about the gains from international trade is CORRECT?
A) Everyone gains from international trade.
B) Some people gain from international trade and some lose, though overall the gains exceed the losses.
C) Some people gain from international trade and some lose; overall the gains exceed the losses.
D) Everyone loses from international trade.
B
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If the value of the output generated by a country's factors of production within the borders of foreign countries is higher than the value of output of foreign factors of production within its borders, ________
A) the GDP of the country is higher than its GNP B) the GDP of the country equals its trade balance C) the GDP of the country equals its GNP D) the GDP of the country is lower than its GNP
Explain the difference between nominal and effective tariffs
What will be an ideal response?