Gains from Trade Are Evident When One Country Can Produce

question 43

True/False

Gains from trade are evident when one country can produce a good more efficiently than another country, and the latter country can produce a different good more efficiently than can the former country.

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Definitions:

Traits

Characteristics or attributes that can be inherited or acquired, distinguishing one individual from another.

Basic Structure

A framework underlying the organization or system that defines its core and essential components.

Social Institutions

Complexes of norms, behaviors, and social structures that fulfill societal needs, such as family, education, and government.

Social Justice

Social justice is the concept of fair and just relations between the individual and society, measured by the distribution of wealth, opportunities for personal activity, and social privileges.