The "Terms of Trade" Principle Refers to the Statement That

question 112

Multiple Choice

The "terms of trade" principle refers to the statement that

• A)the terms of trade must be clearly stated before any trade takes place.
• B)specialization and trade shifts out the world's PPC.
• C)specialization and trade move the world closer to its PPC.
• D)each producer will gain from specialization and trade as long as the terms of trade are between the producers' opportunity costs of production.

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Definitions:

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