When Two Countries Specialize and Trade

question 74

Multiple Choice

When two countries specialize and trade:

• A)they both can enjoy more output than either country could produce on its own.
• B)they can achieve consumption levels beyond their own production possibilities.
• C)both countries can gain surplus.
• D)All of these are true.

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Definitions:

Appraised

The act of determining the value of an asset, typically by a professional appraiser, based on its characteristics and the market conditions.

Malpractice

Failure by a professional to meet the standards of conduct, performance, or ethics in their job, often resulting in harm to clients or patients.

Elements

Fundamental substances that consist of atoms of only one kind and cannot be broken down or converted into another substance by chemical means.

Patient

A person receiving or registered to receive medical treatment.