Multiple Choice
Which of the following is true of autarky?
A) Each country's consumption possibilities are the same as its production possibilities.
B) Equilibrium is attained with the maximum gains from specialization and trade.
C) There is no legal limit on the amount of a commodity that can be imported.
D) Countries export products they can produce more cheaply in return for products that are unavailable domestically or are cheaper elsewhere.
E) World price is determined by the world supply and demand for a product.
Correct Answer:
Verified
Correct Answer:
Verified
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