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Author Question: The common currency of the EU, the euro, was created in A) 1985. B) 1992. C) 1999. D) ... (Read 60 times)

wenmo

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on: Jun 30, 2018
The common currency of the EU, the euro, was created in
 
  A) 1985.
  B) 1992.
  C) 1999.
  D) 2004.

Question 2

Why does a country's increased specialization due to trade raise issues of fairness?
 
  What will be an ideal response?


sailorcrescent

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

Comparative advantage based trade causes a nation to shift its production mix in order to produce relatively more of the export good. As discussed in previous chapters, this raise the return to the factor of production that is used intensively and lowers the return to the other factor(s). This in turn increases national income but also redistributes it. This means that there are both winners and losers, and thus there are issues as to fairness.


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