Question

How can trade enhance the economic well-being of a nation?

a) trade puts downward pressure on the prices of all goods 

b) trade results in an increase in total surplus compared with a closed economy

c) the gains of domestic producers of a good exceed the losses of domestic consumers of the good, regardless of whether the nation imports or exports the good in question

d)both domestic producers and domestic consumers become better off with trade, regardless of whether the nation imports or exports the good in question.