Countries That Engage in Trade Will Tend to Specialize in the Production

question 117

Multiple Choice

Countries that engage in trade will tend to specialize in the production of goods and services in which they have ________ and will ________ these goods and services.

• A)a comparative advantage; import
• B)an absolute advantage; export
• C)a comparative advantage; export
• D)an absolute advantage; import

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Definitions:

Acronym

A word formed from the initial letters or groups of letters of words in a phrase or series of words, used as an abbreviation (e.g., NASA, scuba).

Hum

A low, steady, continuous sound often produced by machinery, electronic devices, or by a group of similar sounds blending together.

Misinformation Effect Paradigm

A phenomenon in which a person's recall of an event becomes less accurate due to the introduction of misleading information.

Deese-Roediger-McDermott

A phenomenon in cognitive psychology where people falsely remember words related to those they have actually heard.