In some simple models of trade, a country may choose to specialize in the production of a single good. Which is not an argument against specializing in a single good in the real world? a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry. b. Specialization in a single good makes dumping easier and more effective. c. Curved production possibilities curves suggest increasing costs and diminishing returns. d. New technology or cheaper substitutes could replace the good.
In some simple models of trade, a country may choose to specialize in the production of a single good. Which is not an argument against specializing in a single good in the real world? a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry. b. Specialization in a single good makes dumping easier and more effective. c. Curved production possibilities curves suggest increasing costs and diminishing returns. d. New technology or cheaper substitutes could replace the good.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter33: International Trade
Section: Chapter Questions
Problem 2SCQ: Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40...
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In some simple models of trade, a country may choose to specialize in the production of a single good.
Which is not an argument against specializing in a single good in the real world?
a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry.
b. Specialization in a single good makes dumping easier and more effective.
c. Curved production possibilities curves suggest increasing costs and diminishing returns.
d. New technology or cheaper substitutes could replace the good.
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