Multiple Choice
A shortcoming of general equilibrium analysis of international trade is that:
A) indifference curves can only be ranked ordinally; they do not reflect actual levels of welfare.
B) it reflects only the production side of the economy.
C) it only shows who gains and who loses when an economy shifts to free trade, not what the total gains in welfare are.
D) All of the above.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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