Trade between two countries can benefit both countries if
A) each country exports that good in which it has a comparative advantage.
B) each country enjoys superior terms of trade.
C) each country has a more elastic demand for the imported goods.
D) each country has a more elastic supply for the exported goods.
E) each country produces a wide range of goods for export.
Question 2
The difference between GNP and GDP is
A) GNP includes income received from abroad and excludes income paid abroad.
B) GNP excludes income received from abroad and includes income paid abroad.
C) GNP includes exports and imports.
D) GNP excludes exports and imports.
E) GNP includes capital flows received from abroad and excludes capital flows to foreign countries.
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