International trade is advantageous because trade makes it possible for people in each country to
a. import more than they export.
b. export more than they import.
c. employ more of their domestic resources producing things that are costly for them to produce domestically.
d. acquire goods from foreigners more economically than they could be produced domestically.
e. do all of the above.
D
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Which of the following is a major problem with deflation?
A) Money loses value so rapidly that economic agents will be reluctant to hold money. B) Economic agents tend to put off purchases in anticipation of lower prices for goods and services, leading to a downward spiral in economic activity. C) Low prices for goods and services tend to result in massive shortages in most markets. D) Money supply cannot keep pace with consumption spending.
A monopolist will maximize its profits by charging a higher price for customers with a price elasticity of
A) 0.1. B) 1. C) 1.5. D) 10.