Which of the following must be true in order to engage in advantageous international trade?
a. It must be producing at a point on its production possibilities frontier.
b. It must be economically efficient.
c. It must have a comparative advantage in producing one of the goods being traded.
d. There must be no potential Pareto improvements available in the economy.
e. It must have an absolute advantage in producing one good being traded.
C
Economics
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If Mary earns $80,000 in taxable income and pays $40,000 in taxes, her marginal tax rate must be 50 percent
a. True b. False Indicate whether the statement is true or false
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A firm is said to operate with constant returns to scale if its production cost increases by four times when its output is doubled.
Answer the following statement true (T) or false (F)
Economics