The Increase in Consumption in Each Nation Resulting from Specialization

question 20

Multiple Choice

The increase in consumption in each nation resulting from specialization in production and trading is referred to as:

• A)basis for trade
• B)losses from trade
• C)gains from trade
• D)pattern of trade

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Definitions:

Credit Period

The time duration given by a seller to a buyer to pay for a product or service, typically expressed in days.

Inventory Period

The average time that goods remain in inventory before being sold, indicating the efficiency of inventory management.

War On Terrorism

A global military campaign launched by the United States and allied countries to combat terrorism, especially in response to the September 11 attacks.