the gains from trade are what?

Are a result of more efficient resource allocation More test answers on https://studyhippo.com/economics-chapter-3-test-multiple-choice/

The law of comparative advantage says that a. the individual with the lowest opportunity cost of producing a particular good should produce it b. comparative advantage exists only when one person has an absolute advantage in the production of two goods c. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good d. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good e. gains from trade are possible only when one person has the comparative advantage in producing both goods

A. the individual with the lowest opportunity cost of producing a particular good should produce it. More test answers on https://studyhippo.com/macroeconomics-ch-2/

The phrase “gains from trade” refers to the:

increase in total output that is realized when individuals specialize in particular tasks and trade with each other. More test answers on https://studyhippo.com/economics-test-chapter-1/

gains from trade exist for:

individuals, states, and countries. More test answers on https://studyhippo.com/micro-economics-chapter-1235/

The gains from trade are

a result of more efficient resource allocation than would be observed in the absence of trade More test answers on https://studyhippo.com/macroeconomics-exam-1/

If there are gains from trade, then…. A. market outcomes will not exhibit the effects of interaction. B. we all have more to consume by trading with one another. C. any one individual will end up consuming whatever he or she has produced. D. in each transaction, someone gains and someone loses.

We all have more to consume by trading with one another. -specialization (increase in output) – each person specializes in the task that he or she is good at performing -economy, as a whole, can produce more when each person specializes in a task and trades with others More test answers on https://studyhippo.com/micro-midterm-ch-1-5/

gains from trade arise because of

specialization in production More test answers on https://studyhippo.com/economics-midterm-review-test-answers/

Gains from Trade, specialization

_____ is when people can get more of what they want through trade than they could if they tried to be self-sufficient. It arrises from _____. More test answers on https://studyhippo.com/ap-macroeconomics-unit-1-module-4-comparative-advantage-and-trade-55003/

6) Japan’s trade policies with regard to rice reflect the fact that A) japanese rice farmers have significant political power. B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop. C) there would be no gains from trade available to Japan if it engaged in free trade in rice. D) there are gains from trade that Japan captures by engaging in free trade in rice. E) Japan imports most of the rice consumed in the country.

A) japanese rice farmers have significant political power. More test answers on https://studyhippo.com/international-economics-chapter-4-2/

Identify and explain the gains from trade.

Lower prices, Greater choice, differences in resources, economies of scale (size of market increases so does demand), Increase competition, more efficient allocation of resources, source of foreign exchange. More test answers on https://studyhippo.com/ib-economics-international-economics/

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