7. According to the mercantilists: A) Only one nation can gain from trade, and it is at the expense of other nations. B) All nations can gain mutually from trade without any reduction in welfare to any nation. C) No nations gain from trade, as it is necessary for each country to sacrifice more than they gain. D) Trade has nothing to do with a nation's wealth or well-being.

7. According to the mercantilists: A) Only one nation can gain from trade, and it is at the expense of other nations. B) All nations can gain mutually from trade without any reduction in welfare to any nation. C) No nations gain from trade, as it is necessary for each country to sacrifice more than they gain. D) Trade has nothing to do with a nation's wealth or well-being.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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