Asked by Ronald Blair on Jul 03, 2024
Verified
When country X imports goods from country Y,
A) only country X benefits.
B) only country Y benefits.
C) both country X and country Y benefit.
D) neither country X nor country Y benefit.
Trade Benefits
Advantages gained by countries or regions from engaging in international trade, including access to a larger variety of goods and services, economies of scale, and increased efficiency.
- Appreciate the importance of free trade agreements and the analyses of economists on trade issues.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
C
Explanation :
When country X imports goods from country Y, both countries benefit. Country X gets access to goods that they may not have been able to produce or obtain domestically, which can lead to better prices, greater variety, and increased efficiency. Country Y benefits from the revenue generated by the export of their goods, which can help to create jobs and improving the overall economic growth of the country. Additionally, this trade can help to foster international relationships and improve diplomatic ties between the two countries.
Learning Objectives
- Appreciate the importance of free trade agreements and the analyses of economists on trade issues.