Sort each statement as either true or false.
Items (4 items) (Drag and drop into the appropriate area below)
Everyone benefits with globalized trade.
Comparative advantage is not an important aspect of specialization and trade.
Voluntary trade among rational individuals creates value for everyone involved.
Trade helps to create additional growth through specialization.
Homework Answers
(1) False. Although the nations as a whole benefit from globalized trade, but there can be certain groups within a nation that do not benefit. The overall gains exceed the overall costs
(2) False. Comparative advantage is the most important aspect of specialization as the individual produce only the good in which it has a lower opportunity cost of production - comparative advantage
(3) True. As long as people produce and trade according to their comparative advantage, it creates value for all those involved in trade
(4) True. Trading ensures that countries and individuals produce according to their comparative advantage. Thus, the specialization in the production of goods which leads to increased efficiency and growth.
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