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Using the concept of comparative advantage and the production possibilities frontier explain why nations trade even when they could produce the product on their own.

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Yusra Anees
Yusra AneesLv10
28 Sep 2019

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Related questions

Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?

a.Never have to engage in trade with other nations.

b. Increase the variety of products that it can produce with a decrease in resources.

c. Consume a combination of goods that lies outside its own production possibilities frontier.

d. Produce a combination of goods that lies outside its own production possibilities frontier.

 

The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:
 
A) the production possibilities curve of any two nations are identical.
 
B) a nation's production possibilities and trading possibilities lines coincide.
 
C) a nation's trading possibilities line lies to the right of its production possibilities line.
 
D) a nation's production possibilities line lies to the right of its trading possibilities line. 

17) It pays for people to specialize and trade with each other because A) otherwise they would not survive. B) this way the strong can exploit the weak. C) this way they can consume outside their production possibilities frontier. D) they can take advantage of the fact they have an absolute advantage in the production of something E) all of the above.

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