A nation's true gain from international trade is:
A. increased employment in export industries.
B. an overall increase in output obtained through specialization and exchange.
C. added technological knowledge.
D. the tariff revenue that goes to the national treasury.
B. an overall increase in output obtained through specialization and exchange.
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In a perfectly competitive labor market, the industry demand curve is ________ and the industry supply curve is ________
A) perfectly elastic; upward sloping B) downward sloping; upward sloping C) upward sloping; downward sloping D) vertical; perfectly elastic
Which of the following defines the "unit of account" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time. c. The materials used to manufacture money are of medium grade or quality, so that people will not hoard money for its commodity value. d. Money is widely accepted in exchange for goods and services.