If people have the same abilities, then
a. they cannot gain from trade.
b. they can still gain from trade if they have different tastes.
c. they can still gain from trade as long as they specialize in different activities.
d. they can still gain from trade only if they are facing different absolute prices.
b. they can still gain from trade if they have different tastes.
Economics
You might also like to view...
The Ricardian model can be simplified and made more explanatory by assuming that there is only one resource used in producing goods. What did Ricardo assume the resource was?
a. capital b. technology c. labor d. loanable funds
Economics
The expenditure approach to measuring GDP includes firms' spending on wages
Indicate whether the statement is true or false
Economics