Which of the following statements regarding the foreign sector is/are correct?
a. Absolute advantage is a prerequisite for international trade.
b. Differences in resource endowments necessitate international trade.
c. Countries can only benefit from trade if the opportunity costs among the trading countries are the same.
[1] Only a and b
[2] Only and c
[3] Only b and c
[4] Only b
[5] Only c
1
Expert's answer
2019-09-04T09:01:07-0400
[4] Only b -Differences in resource endowments necessitate international trade.
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