14. Trade can be beneficial to an economybecause: (Points: 3) it results in a mo

Question

14. Trade can be beneficial to an economybecause: (Points: 3)
      it results in a more efficient use of thecombined resources of some of the trading countries, even though itreduces efficiency in others.
       more goods and servicescan be obtained at lower opportunity cost.
       it preventsspecialization in those activities in which countries have acomparative advantage.
       it preventsunemployment.


15. When a nation experiences economicgrowth: (Points: 3)
       its productionpossibilities curve shifts outward.
       its productionpossibilities curve shifts inward.
       it has been able to reachfull employment.
       it has moved to a moreconsumer-oriented position on its production possibilitiescurve.


16. The circular-flow diagram illustrates howhouseholds _______ goods and services and _______ factors ofproduction. (Points: 3)
       buy; sell
       buy; buy
       own; buy
       own;sell

Explanation / Answer

question one: more goods and services can be obtained atlower opportunity cost.
question two: its production possibilities curve shiftsoutward. question three: buy; sell

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