A Country That Engages in No Foreign Trade Is Said

question 60

Multiple Choice

A country that engages in no foreign trade is said to be in a situation of

• A)absolute advantage.
• B)comparative advantage.
• C)autarky.
• D)reciprocal absolute advantage.
• E)isolation.

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Definitions:

Headings

Titles or captions of sections of a document or article, designed to introduce new sections and help readers understand the structure and content.

Purchases Journal

A dedicated journal used to record all purchases of goods and services on credit, aiding the management of accounts payable.

Headings

Short titles or captions used to identify sections of a document or to introduce topics.

Revenue Journal

An accounting journal dedicated to recording the sales of goods or services on credit, tracking revenue transactions separate from cash and other transactions.