The Increase in Welfare in Both Countries That Results from Specialization

question 108

Multiple Choice

The increase in welfare in both countries that results from specialization and trade is called:

• A) surplus enhancement.
• B) exportation surplus.
• C) gains from trade.
• D) deadweight gain.

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Definitions:

Correlated

Two variables are correlated if their values tend to move together.

Variables

Elements, features, or factors that are likely to change or vary within the context of a research study or scientific experiment.

Usage Tax

A tax imposed on specific goods and services that is usually proportionate to the level of consumption or use.

High Variation

Refers to a wide range of values or outcomes within a set of data, indicating significant differences or fluctuations.