How is international trade similar to domestic trade? Question 5 options: International trade makes people better off when preferences differ International trade increases productivity through specialization and the division of knowledge Trade increases productivity through comparative advantage A and B All of the above
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Which of the following are benefits of international trade? Choose one or more answers from the choices shown. a. A more efficient allocation of resources. b. A higher level of material well-being. c. Gains from specialization. d. Promoting competition. e. Deterring monopoly. f. Reducing the threat of war.
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Gains from trade can only be achieved if: A. a country has an absolute productivity advantage. B. a country's economy is based on free enterprise principles. C. a country's economy is centrally controlled. D. a country has a comparative productivity advantage. E. None of the above.
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