Are the following statements true or false? explain in each case. two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.

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25-08-2022
Social Studies

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Are the following statements true or false? explain in each case. two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.

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AnnuG AnnuG · Answer 1 · 2022-08-31T09:59:18-04:00

True, Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.

Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods. All that's necessary is that every country have a comparative advantage in some good. Certain very talented people have a comparative advantage in everything they are doing.

For the countries to realize gains from trade whether or not one includes an absolute advantage within the production of all goods all that's required is that every of the nations has a comparative advantage in some good.

The price of one good in terms of the opposite that two countries conform to trade at; beneficial terms of trade allows a rustic to import a decent at a lower cost than the price for them to supply the great domestically, thus the country gains from trade.

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