Points to the right of the production possibilities curve represent future economic growth (third option).
<h3>What is the
production possibilities curve?</h3>
The Production possibilities curve shows the various combination of two goods a country can produce when all its resources are fully utilised.
Point outside the curve or to the right of the curve means that the production level is not attainable given the level of resources. This point indicates production levels in the future.
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Over time, the average consumer will be better off from reduced trade barriers by lower prices.
- Comparative advantages allow countries to manufacture the goods at which they are experts.
- A is skilled at making delicious wine, and they can do so for less money than B while still creating a wine of higher quality.
- When trade obstacles are lowered, wine from country A will be sold in country B, customers will have more wine options available to them, and prices will be substantially less different than they are when strong barriers are in place.
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Answer:
b. output increased dramatically, due to labor productivity increases.
Explanation:
Between 1870 and 1910, corn and wheat output increased dramatically, due to labor productivity increases.
This is a graph based question and hence reading off the graph provided in the scenario the output more than doubled between 1870 and 1910
Answer:International trade deals within countries, while channel management is a form of trade that could be within the country or outside but seeking the best form or place for the market
Explanation:
International trade is the situation where two countries do business, either long distance buying(importing) or one is selling(exporting).
While Channel management is a technique for choosing the most efficient channels to sale or market your goods and making good profit or deriving the best result from those channel chosen.
Knowing the difference between the two terms is important so you can understand where best your market is appreciated and where best to avoid selling to.
International trade deals within countries, while channel management is a form of trade that could be within the country or outside but seeking the best form or place for the market