The Benefits of Trade Include

question 65

Multiple Choice

The benefits of trade include:
I. greater productivity due to specialization.
II. higher output due to specialization according to comparative advantage.
III. increased welfare when preferences differ.

• A) I and II only
• B) II and III only
• C) I and III only
• D) I, II, and III

---

Definitions:

Ethical Guidelines

A set of recommended practices and principles designed to guide behavior and decision-making in a moral and responsible manner.

Manipulating Controls

Adjusting variables in an experiment in order to test hypotheses and observe the effects.

Self-Reports

Information provided by individuals about themselves, often used in psychological research.

Questionnaires

A research instrument consisting of a series of questions for the purpose of gathering information from respondents.