When a Nation First Begins to Trade with Other Countries

question 84

Multiple Choice

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

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

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Definitions:

Immortality

The concept or belief in the ability to live forever, escaping death, often explored in religion, mythology, and fiction.

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Dome

An architectural element resembling the upper half of a sphere, often used to cover a large space without internal supports, symbolizing the heavens or the sky in religious buildings.