Gains from Trade: Definition & Example


Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Gains from trade expressed in economic terms are:

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. The gains from trade are maximized when a country specializes in producing what:

2. If a country were to produce only good X, it can produce 20 units. If it were to only produce good Y, it can produce 100 units. what is the opportunity cost of producing good X?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

Quiz & Worksheet Goals

This quiz/worksheet combo can help you assess your understanding of principles behind trade. You will be quizzed on topics such as gains from trade and the Production Possibility Frontier.

Quiz & Worksheet Goals

This quiz/worksheet combo can help assess your knowledge of:

  • Gains from trade
  • The Production Possibility Frontier
  • Opportunity costs

Skills Practiced

This quiz/worksheet combo can be used to help you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related trade lesson
  • Information recall - access the knowledge you have gained regarding gains from trade
  • Making connections - use understanding of the concept on gains from trade

Additional Learning

To learn more about gains from trade, review the corresponding lesson Gains from Trade: Definition & Example. This lesson will help you:

  • Calculate opportunity costs
  • Review examples of comparative advantage and gains from trade
  • Define comparative advantage
  • Learn about the Production Possibility Frontier