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10 Oct 2018

19. The benefits of trade stem at least partly from A. the fact that economic capital cannot be exchanged directly between countries B. the elimination of economies of scale and scope C. specialization according to comparative advantage D. all of the above

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10 Oct 2018
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Related questions

11. The sources of gains from intra-industry trade between similar economies—namely, the learning that comes from a high degree of specialization and splitting up the value chain and from economies of scale, give rise to ______________________________.

a. static comparative advantage

b. dynamic comparative advantage

The law of comparative advantage states that:

a. each country should specialize in producing the good with the lowest opportunity cost.

b. a country that is able to produce something using fewer resources than other countries would gain from specialization and trade.

c. international trade barriers slow the introduction of new goods and better technologies.

d. countries can gain from trade if production is subject to economies of scale.

e. countries must agree on how much of one good exchanges for another.

12. Economies of scale and scope are important for trade because A. they amplify and maintain cross-country divergences in the historical evolution of economic capital B. they reduce barriers to entry C. they lead to perfect competition in production D. all of the above

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