International trade harms the owners of relatively scarce factors of production and benefit the owners of relatively abundant factors of production in a country. This is because: Group of answer choices Factors that are relatively scarce are more productive and get paid more. 2. Prices of relatively scarce factors are relatively inexpensive compared with prices of relatively abundant factors. 3. Factors that are relatively abundant are more productive and get paid more. 4. Prices of relatively scarce factors are relatively expensive in a country compared with prices of elsewhere when there is no trade.
International trade harms the owners of relatively scarce factors of production and benefit the owners of relatively abundant factors of production in a country. This is because: Group of answer choices Factors that are relatively scarce are more productive and get paid more. 2. Prices of relatively scarce factors are relatively inexpensive compared with prices of relatively abundant factors. 3. Factors that are relatively abundant are more productive and get paid more. 4. Prices of relatively scarce factors are relatively expensive in a country compared with prices of elsewhere when there is no trade.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
International trade harms the owners of relatively scarce factors of production and benefit the owners of relatively abundant factors of production in a country. This is because:
Group of answer choices
- Factors that are relatively scarce are more productive and get paid more.
2. Prices of relatively scarce factors are relatively inexpensive compared with prices of relatively abundant factors.
3. Factors that are relatively abundant are more productive and get paid more.
4. Prices of relatively scarce factors are relatively expensive in a country compared with prices of elsewhere when there is no trade.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education