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International Trade 1St Edition John Mclaren Instructor Manual Comprehensive Test Paper 2026 Complete Answers Accurate

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INTERNATIONAL TRADE 1ST EDITION JOHN MCLAREN INSTRUCTOR MANUAL COMPREHENSIVE TEST PAPER 2026 COMPLETE ANSWERS ACCURATE

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INTERNATIONAL TRADE 1ST EDITION
JOHN MCLAREN INSTRUCTOR MANUAL
COMPREHENSIVE TEST PAPER 2026
COMPLETE ANSWERS ACCURATE

⫸ imports Answer: good brought into the country


⫸ exports Answer: goods sent to other countries


⫸ why do countries specialize in certain products when they trade
Answer: to concentrate their efforts on producing a few goods and
services instead of everything they need


⫸ absolute advantage Answer: the ability to produce more of a given
product than someone else


⫸ comparative advantage Answer: The ability of a country to produce a
good at a lower opportunity cost than another country can.


⫸ law of comparative advantage Answer: a nation is better off when it
produces goods and services for which it has a comparative advantage


⫸ trade surplus Answer: Exports exceed imports

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