To Gain from Trade, a Country Should

question 65

Multiple Choice

To gain from trade, a country should

• A) always try to get a favorable tariff.
• B) specialize in the commodity for which it has a comparative advantage.
• C) always specialize in the commodity for which it has an absolute advantage.
• D) trade only with its political allies.

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Definitions:

Social Institutions

Established systems of societal organization that structure the activities of groups and individuals, such as family, education, religion, and government.

Significant Others

Are people who play important roles in the early socialization experiences of children.

Socialization

The process by which individuals learn and adopt the norms, values, behavior, and social skills appropriate to their society or social group.

Approval

The act of accepting or endorsing something, often in a formal or official capacity.