The Benefits of Trade Include

question 65

Multiple Choice

The benefits of trade include:
I. greater productivity due to specialization.
II. higher output due to specialization according to comparative advantage.
III. increased welfare when preferences differ.

• A) I and II only
• B) II and III only
• C) I and III only
• D) I, II, and III

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Definitions:

Adults

Individuals who have reached the age at which they are considered legally responsible for their actions, typically marked by the attainment of a certain age.

Two Thirds

A fraction representing two parts of a whole divided into three equal parts.

Skin Changes

Alterations in the skin’s appearance, texture, or health, which may indicate underlying conditions or the effects of aging.

Cigarette Smoking

The act of inhaling and exhaling the smoke of tobacco or a drug.