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AP Macroeconomics
Unit 1 – Basic Economic Concepts
Topic 1.3
Which of the following statements best describes the relationship between comparative advantage and gains from trade?
Gains from trade occur when countries have identical production possibilities frontiers
Gains from trade can only be achieved if one country has an absolute advantage over another
The greater the difference in opportunity costs, the greater the potential gains from trade
Comparative advantage determines the terms of trade between two countries
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AP Macroeconomics - 1.3 Comparative Advantage and Trade
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Comparative Advantage
Gains from Trade
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Cram Mode
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AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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