If a country is completely self-reliant in producing goods for its own consumption needs, then
A. It achieves a higher standard of living by exporting.
B. It promotes specialization.
C. It consumes more than it can with trade.
D. Its consumption possibilities equal its production possibilities.
Answer: D
Economics
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For a product with a rapidly increasing opportunity cost of producing additional units,
A) demand is price elastic. B) supply is price elastic. C) demand is price inelastic. D) supply is price inelastic. E) the demand curve is vertical.
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