Problem
1. What factors underlie whether specialization in production will be partial or complete on an international basis?
2. The gains from specialization and trade are discussed in terms of production gains and consumption gains. What do these terms mean?
3. What is meant by the term trade triangle?
4. With a given level of world resources, international trade may bring about an increase in total world output. Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.