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International Economy Questions with 100% Correct Solutions Latest
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People specialize and trade A.) Because most people are not self sufficient B.) Because each person can consume more than they produce by specializing and trading C.) Because most people are good at producing only one thing - ANSWER B.) Because each person can consume more than they produce by specializing and trading In the Island of Pretend, Wendy only bakes bread, John only picks berries, and Peter only feeds the chickens. At the end of the day they satisfy their needs by trading among themselves. This economic system is based on A.) Absolute advantage B.) Specialization C.) Specialization and exchange - ANSWER C.) Specialization and exchange
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Institution
International Economy
Course
International Economy
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Written for
- Institution
- International Economy
- Course
- International Economy
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- May 28, 2024
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- 11
- Written in
- 2023/2024
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- Exam (elaborations)
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international economy questions
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