Higher Levels of Trade Between Nations Result in ________

question 41

Multiple Choice

Higher levels of trade between nations result in ________.

• A) higher product prices
• B) lesser specialization
• C) greater purchasing power
• D) trade diversion

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Definitions:

Limited Resources

The finite availability of inputs or resources (labor, capital, land) that can be used for the production of goods and services.

Unlimited Wants

The economic concept that human desires and needs are constant and infinite, whereas the resources to fulfill them are limited.

Best Use

Optimal allocation or application of resources to maximize efficiency or value.

Positive Statement

An objective statement based on factual information or data that can be tested or rejected through observation.