Any Two Individuals Will Gain from Exchange

question 57

Multiple Choice

Any two individuals will gain from exchange

• A)unless one has an absolute advantage in producing all goods.
• B)if each specializes in the production of the good for which he has the higher opportunity cost.
• C)unless they have the same opportunity costs for producing all goods.
• D)unless they have different opportunity costs for producing all goods.
• E)unless they have the same absolute advantage in producing all goods.

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Definitions:

Migration

The movement of people from one place to another, often from one country to another, for reasons such as employment, education, or escape from conflict.

Wage Rate

The amount of compensation or payment given to an employee for work performed, typically expressed as a rate per hour or piece.

Zinnia

A genus of plants of the sunflower tribe within the daisy family, known for their vividly colored flowers.

U.S. Census Bureau

A principal agency of the U.S. Federal Statistical System responsible for producing data about the American people and economy.