If a country differs from the rest of the world in taste patterns but not in production capabilities, the trade will lead to some international specialization in ___________.Select one:a.Productionb.Consumptionc.Productivityd.Techniques of production

Specialization and trade allow a country toGroup of answer choicesproduce and consume on its production possibility frontier.produce and consume inside its production possibility frontier.produce and consume outside its production possibility frontier.produce on its production possibility frontier and consume outside it.

Without specialization countries would have _________ goods.Multiple Choicefewermorethe same amount ofnew

A product is produced in a monopolistically competitive industry with scale economies. If thisindustry exists in two countries, and these two countries engage in trade with each other, then wewould expectA) the country with a relative abundance of the factor of production in which production of theproduct is intensive will export this product.B) the countries will trade only with other nations they are not in competition with.C) the country in which the price of the product is lower will export the product.D) neither country will export this product since there is no comparative advantage.E) each country will export different varieties of the product to the other.

True or false: Countries specialize in the production of certain products because they have advantages over other countries in those products.True false question.TrueFalse

Goods and services produced in one country that are then sold in other countries are called ____________.Choose one answer from the options below.exportstradeable itemssurplus itemseconomic stimulants