If the World Price of Textiles Is Higher Than Vietnam's

question 203

Multiple Choice

If the world price of textiles is higher than Vietnam's domestic price of textiles without trade,then Vietnam

• A) should import textiles.
• B) has a comparative advantage in textiles.
• C) should produce just enough textiles to meet its domestic demand.
• D) should refrain altogether from producing textiles.

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Definitions:

Big Government

A term used to describe a government or state that has extensive control over the country's affairs, often including significant regulation and involvement in the economy.

Near-Magical Acts

Not a standard term; likely refers to extraordinary or seemingly impossible achievements or phenomena.

Technological Development

The process of researching, inventing, innovating, and diffusing new technologies that shape societies and economies.

Environmental Degradation

The deterioration of the environment through depletion of resources, destruction of ecosystems, and extinction of wildlife.