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in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

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1.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

In the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. What is the advantage of importing and exporting? All people in each country will be better off than they would be if they did not trade.

2.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

Trade is beneficial to both parties that engage in the trade, whether they are individuals or countries. Countries that specialize in producing different goods and then trade these goods with other countries benefit from this trade. Goods and services purchased from abroad are called imports, and goods and services sold abroad are called exports.

3.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

By specializing in a good that it gives up the least to produce, a country can produce more and offer that additional output for sale. If other countries specialize in the area of their comparative advantage as well and trade, the highly productive country is able to benefit from a lower opportunity cost of production in other countries.

4.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

Countries specialize in the production of goods for which they have a comparative advantage. True. It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another. … When two countries choose to partake in international trade, it is a mutually beneficial activity …

5.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

On a national level, in most countries international trade and importing goods represents a significant share of the gross domestic product (GDP). International trade has a significant economic, social, and political importance in many countries. Imports provide countries with access to goods and services from other nations.

6.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

Comparative Advantage. The challenge to the absolute advantage theory was that some countries may be better at producing both goods and, therefore, have an advantage in many areas. In contrast, another country may not have any useful absolute advantages. To answer this challenge, David Ricardo, an English economist, introduced the theory of comparative advantage in 1817.

7.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

theory that suggests that the ability of firms to gain economies of scale (unit cost reductions associated with a large scale of output) can have important implications for international trade; countries may specialize in the production and export particular products because in certain industries, the world market can only support a limited number of firms (ex: Switzerland makes watches …

8.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

A) only countries with low wages benefit from trade. B) trade is bad for workers in poor exporting countries because those workers are paid very low wages. C) if a high-wage country imports goods from a low-wage country, the standard of living of the importing country will fall. D) the gains from trade are the result of exploiting absolute …

9.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

Greater efficiency: Countries specialize in areas that they are naturally good at and also benefit from increasing returns to scale for the production of these goods. They benefit from economies of scale , which means that the average cost of producing the good falls (to a certain point) because more goods are being produced.

10.in the world economy, many countries choose to specialize in producing goods that they then export to other countries, and in return they import goods from these other countries. what is the advantage of importing and exporting?

B. countries that export to the United States are very low relative to the United States and show no sign of rising. C. countries that export to the United States have risen spectacularly in the last 25 years. D. United States export industries are very low relative to wages in the same industry in other countries. E. All of the above are correct.

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Published Date: 2021-01-07T18:09:00.0000000Z

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