A country benefits from trade if it is able to obtain a good from a foreign country:
a. that has a very low domestic demand.
b. the production of which requires a steady supply of unskilled labor.
c. by giving up less of other goods than it would have to give up to obtain the good at home.
d. by giving up more of other goods than it would have to give up to obtain the good at home.
e. that has a substantial number of substitutes in the domestic market.
c
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If an indifference curve is a straight line it will not show which of the following?
A) any marginal rate of substitution B) diminishing marginal rate of substitution C) combinations of goods among which a consumer is indifferent D) None of the above answers is correct.
The market supply curve for labor is upsloping because:
A. of diminishing returns. B. employers as a group must pay higher wage rates to obtain more workers. C. of declining MRC. D. each employer is a "wage taker."