With respect to international trade, specialization means that
A. each country consumes what it produces.
B. labor is exported or imported in much the same way as other products.
C. most goods and services that are traded internationally are produced in only 1 or 2 nations.
D. labor and other resources in a nation are used to produce the products and services for which they are best suited.
D. labor and other resources in a nation are used to produce the products and services for which they are best suited.
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What results has the Republic of Korea experienced from its change in policies?
What will be an ideal response?
We would expect which of the following to occur when the central bank pursues expansionary monetary policy?
A) an increase in bond prices and an increase in the interest rate (i) B) a reduction in bond prices and an increase in i C) an increase in bond prices and a reduction in i D) a reduction in bond prices and a reduction in i E) none of the above