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Which of the following is possible with international trade?
I. Countries that engage in trade can consume at a point outside their respective production
Possibilities curves.
II. Global production will be increased.
III. World resources will be used more efficiently.
Experiential Attributes
Characteristics of a product or service that can only be assessed after direct experience or consumption, such as taste or satisfaction.
Transactional Costs
Expenses incurred during the process of buying or selling services or commodities, encompassing costs associated with information, negotiation, and enforcement of contracts.
Financial Outlay
The amount of money spent or invested in a specific endeavor or project.
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