Why Is Trade an Important Source of Economic Progress

question 128

Multiple Choice

Why is trade an important source of economic progress?

• A) It allows the trading partners to produce a larger joint output through specialization in the areas where they have a comparative advantage.
• B) It allows the trading partners to produce a larger joint output as the result of greater realization of cost reductions that accompany the adoption of mass production methods.
• C) It makes it possible to realize gains from the discovery and dissemination of innovative products and production processes.
• D) All of the above are correct.

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Definitions:

Sequence

A list or string of items, characters, or numbers arranged in a particular order and often governed by specific rules or patterns.

Selection

Rephrased (from "Selection Statement"): A process in programming that involves choosing between two or more paths in the code based on condition evaluation.

Invocation

The act of calling or invoking a method, function, or procedure in programming.

Keywords

Reserved words in a programming language that have a special meaning and cannot be used as identifiers (variable names, function names, etc.).