What assumption in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model?

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29-08-2022
Social Studies

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What assumption in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model?

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Martebi Martebi · Answer 1 · 2022-09-06T17:47:05-04:00

The assumption in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model is that there is only a two good economy.

What is an Economy?

An economy is known to be a term that connote the aspect of the production, as well as the distribution and that of a given trade.

It is one that tends to deal with the consumption of goods and services as it is known to be linked with the production, use, and handling of scarce resources.

Therefore, The assumption in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model is that there is only a two good economy.

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