Gains from Trade: Definition & Example

Instructions:

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question 1 of 3

Gains from trade expressed in economic terms are:

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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?

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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
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