When a Nation First Begins to Trade with Other Countries

question 271

Multiple Choice

When a nation first begins to trade with other countries and the nation becomes an importer of corn,

• A)this is an indication that the world price of corn exceeds the nation's domestic price of corn in the absence of trade.
• B)this is an indication that the nation has a comparative advantage in producing corn.
• C)the nation's consumers of corn become better off and the nation's producers of corn become worse off.
• D)All of the above are correct.

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