Which of the Following Is True of a World Without

question 50

Multiple Choice

Which of the following is true of a world without trade that has industries where economies of scale are important?

• A) The variety of goods that a country can produce and the scale of production are limited by the size of the market.
• B) Each nation will specialize in producing a narrower range of products than it would in the presence of trade.
• C) Each nation can simultaneously increase the variety of goods available to its consumers and lower the costs of those goods.
• D) The absence of trade is mutually beneficial because it allows for the specialization of production.
• E) The first movers in an industry may get a lock on the world market that discourages subsequent entry.

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