Asked by Callie Little-Davis on May 07, 2024
Verified
What other economic process needs to accompany international trade, for nations to benefit from such trade?
A) specialization in production
B) nationalization of industries
C) regulation of production and trade
D) spreading out of resources in more industries
Specialization In Production
The process by which businesses or economies focus on producing a limited range of goods or services to gain greater efficiency and productivity.
International Trade
The exchange of goods and services between countries, allowing for specialization, more efficient production, and access to a broader range of products.
- Gain an insight into the principles of comparative advantage and their significance in promoting international and interpersonal trade.
Verified Answer
EA
Emilio Augusto Mendes MachadoMay 09, 2024
Final Answer :
A
Explanation :
Specialization in production allows countries to focus on producing goods and services in which they have a comparative advantage, leading to more efficient production and greater benefits from international trade.
Learning Objectives
- Gain an insight into the principles of comparative advantage and their significance in promoting international and interpersonal trade.
Related questions
Madison, the CPA, Is Faster Than Mason, the House Painter ...
If Nation a Requires More Resources to Produce Each Bale ...
The Slopes of the Production Possibilities Curves for Two Nations ...
In the Theory of Comparative Advantage, a Good Should Be ...
Answer the Question Using the Accompanying Cost Ratios for Two ...