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Country A specializes in the production of rice because it can do so efficiently, but it imports electronics because it is not able to produce
Country A specializes in the production of rice because it can do so efficiently, but it imports electronics because it is not able to produce them as efficiently as the country they import from. What is this an example of
supply and demand
tragedy of the commons
firstmover advantage
gains from trade
According to the textbook, Free trade refers to a situation in which
goods and services are offered for free to the citizens by a government.
firms that function in a country are not taxed on the profits that they generate.
taxes are not imposed on goods that are produced and sold within a country.
a government does not try to influence what its citizens can buy from global markets.
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