Order the answer to: Fill in the blanks to make the following statements correct. a.

Assignment Help business-economics Order the answer to: Fill in the blanks to make the following statements correct. a.

business-economics

Order the answer to: Fill in the blanks to make the following statements correct. a.

Question Fill in the blanks to make the following statements correct.
a. The “gains from trade” refers to the increased caused by specialization and trade.
b. Suppose Argentina can produce one kilogram of beef for $2.50 and Brazil can produce one kilogram of beef for $2.90. Argentina is said to have an ______ in beef production over Brazil. The gains from trade do not depend on ______.
c. Comparative advantage is based on ______ rather than absolute costs.
d. It is possible for a country to have a comparative advantage in some good and an ______ in none.
e. If all countries specialize in the production of goods for which they have a comparative advantage, then world output will ______.
f. If opportunity costs are the same in all countries, there is no ______and no possibility of ______.
Subject business-economics
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