1. When countries specialize in producing certain goods and then freely exchange those goods for other...
1. When countries specialize in producing certain goods and then freely exchange those goods for other goods with different countries, what is the advantage?
a.) All people in each country will be better off than they would be if they did not trade.
b.) Each country can consume at a point outside their production possibilities frontier.
c.) Each country can produce and consume at a point outside their production possibilities frontier.
d.) Each country can produce at a point outside their production possibilities frontier.
Homework Answers
Answer
Option b
b.) Each country can consume at a point outside their production possibilities frontier.
Each country produces with comparative advantage and trade then the countries can consume above the PPF as each country can produce one of the good at the lowest cost so the country can get the other good in exchange at lower opportunity cost then it requires.
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