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1. What is the basis for trade? O A. Comparative advantage. O B. Absolute advantage. O C. Available resources. O D. Efficiency. O E. Economic growth.

1. What is the basis for trade? O A. Comparative advantage. O B. Absolute advantage. O C. Available resources. O D. Efficiency. O E. Economic growth.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. What is the basis for trade? O A. Comparative advantage. O B. Absolute advantage. O C. Available resources. O D. Efficiency. O E. Economic growth. How can a country gain from specialization and trade? O A. A country can specialize by using all available resources to produce goods and services to avoid trading with other countries. O B. A country can specialize in producing that which is most scarce and then trade for other needed goods and services. O C. A country can specialize in producing that for which it has an absolute advantage and then trade for other needed goods and services. O D. A country can specialize by using all available resources to invest in capital goods to promote economic growth. O E. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
Transcribed Image Text:1. What is the basis for trade? O A. Comparative advantage. O B. Absolute advantage. O C. Available resources. O D. Efficiency. O E. Economic growth. How can a country gain from specialization and trade? O A. A country can specialize by using all available resources to produce goods and services to avoid trading with other countries. O B. A country can specialize in producing that which is most scarce and then trade for other needed goods and services. O C. A country can specialize in producing that for which it has an absolute advantage and then trade for other needed goods and services. O D. A country can specialize by using all available resources to invest in capital goods to promote economic growth. O E. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
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