Asked by DELINA FILLI on Jul 19, 2024
Verified
The phrase gains from trade refers to the:
A) profits obtained from sales of a good or service.
B) increase in total output that is realized when individuals specialize in particular tasks and trade with each other.
C) gains that one obtains by taking advantage of an uninformed buyer and selling at a higher than average price.
D) gains that one obtains by taking advantage of a temporary discount,or sale price.
Gains from Trade
The increase in welfare or overall efficiency that arises from individuals or nations engaging in voluntary exchange or trade.
Increase in Total Output
A rise in the quantity of goods or services produced by an economy or firm.
Specialize
The focus on a narrow area of activity or field of study, which often leads to increased efficiency and effectiveness in producing goods or offering services.
- Describe the elements that contribute to trade benefits and their role in improving economic productivity.
Verified Answer
Learning Objectives
- Describe the elements that contribute to trade benefits and their role in improving economic productivity.
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