Question 1
According to comparative advantage, trade between two countries
◦ maximizes the amount of inputs that are used in the production of all products.
◦ guarantees that consumption levels will be equal in the two countries.
◦ will benefit all the industries in each of the countries.
◦ allows each of the trading countries to allocate its resources most efficiently.
Question 2
When countries specialize in producing those goods in which they have a comparative advantage, they
◦ maximize their combined output, but they do not necessarily allocate their resources more efficiently.
◦ maximize their combined output and allocate their resources more efficiently.
◦ allocate their resources more efficiently, but they do not necessarily maximize their combined output.
◦ do not necessarily maximize their combined output, and they also do not necessarily allocate their resources more efficiently.
Ecological footprints of different countries.
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