Which of the Following Attributes of Trade Explain Why It

question 202

Multiple Choice

Which of the following attributes of trade explain why it is important for economic prosperity?

• A) Trade moves goods from people who value them less to people who value them more.
• B) Trade makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production.
• C) Trade makes it possible to produce a larger output as a result of gains from division of labor and specialization.
• D) All of the above.

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Definitions:

Syllogistic Reasoning

A form of logical reasoning that uses deductive reasoning to arrive at a conclusion based on two or more propositions that are asserted or assumed to be true.

Desirability

The quality of being wanted or wished for due to appealing attributes or qualities.

Multi-Attribute Utility Theory

An approach in decision-making that evaluates alternatives based on multiple criteria to assess their overall utility.

Systematically Search

A methodical and organized approach to search for information or solutions, often following a specific plan or pattern.