Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 19, Problem 4P
To determine
The reasons for specialization in international trade
Concept Introduction:
International specialization: It is a method of production where an economy emphasizes on the production of a product or service to gain greater degrees of efficiency and welfare.
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'producing more goods and services lowers environmental quality' is not the correct answer.
A movement along an economy's production possibility frontier with output on one axis and environmental
quality on the other shows that:
technological improvements may lead to a sustainable economy with higher consumption in the future
and better an improved environment.
producing more goods and services lowers environmental quality.
producing more goods and services raises environmental quality.
a high use of natural resources to produce more goods and services today may lead to an unsustainable
economy with lower consumption in the future.
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