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Question
Which of the following is true with regard to the competitive theory of international trade?
a) The gains from trade can be demonstrated when two countries either determine the terms of their trade through bargaining or trade goods in a competitive market.
b) The competitive theory of international trade is based on the trade deficits accumulated over a period of time.
c) In the absence of trade, the consumption possibilities of each country are far below its own production possibilities.
d) Gains from trade do not occur if there are differences in the relative prices of untraded factor inputs such as labor.
Answer
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