In Autarky

question 16

Multiple Choice

In autarky,

• A)each country's consumption possibilities are the same as its production possibilities
• B)equilibrium is attained with the maximum gains from specialization and trade
• C)equilibrium is attained with the maximum amount of international trade
• D)a nation has such a high standard of living that there are technically no poor people
• E)a nation is governed by an individual with absolute authority

---

Definitions:

Ownership Transfer

The process by which ownership rights of a property or business are transferred from one party to another.

Unlimited Liability

Unlimited Liability means that the owners of a business are personally responsible for all of the debts of the business, without any limit on the amount for which they might be liable.