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QUESTION:
Which of the following statements about trade is true?
a. Trade can benefit everyone in society because it allows people to specialize in activities in which they have an absolute advantage.
b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage.
c. Unrestricted international trade benefits every person in a country equally.
d. People that are skilled at all activities cannot benefit from trade.
ANSWER:
b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage.
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