When a Nation First Begins to Trade with Other Countries

question 271

Multiple Choice

When a nation first begins to trade with other countries and the nation becomes an importer of corn,

• A)this is an indication that the world price of corn exceeds the nation's domestic price of corn in the absence of trade.
• B)this is an indication that the nation has a comparative advantage in producing corn.
• C)the nation's consumers of corn become better off and the nation's producers of corn become worse off.
• D)All of the above are correct.

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Definitions:

Babbling Stage

Beginning around 4 months, the stage of speech development in which an infant spontaneously utters various sounds at first unrelated to the household language.

Telegraphic Speech

Telegraphic speech refers to the two-word phrases used by toddlers when learning to speak, which typically include only essential words to get their point across.

Adult Grammar

The set of structural rules governing the composition of sentences, phrases, and words in any given language as used by adults.

Simple Words

Words that are easy to understand and use, often basic vocabulary that does not require specialized knowledge.