The effect of opening trade between countries is
a. living standards rise in the country with efficient, high-pay workers.
b. both countries can exploit comparative advantage and increase productivity.
c. total world production increases as both countries specialize in specific goods.
d. All of the above are correct.
d
Economics
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Define the quantity supplied of a good or service
What will be an ideal response?
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The term autarky refers to
a. equilibrium after trade begins between two countries b. the gains received from trade c. self-sufficiency d. political isolationism e. the recognition that mutually beneficial trade is not possible between two countries
Economics