Question
How does voluntary trade benefit African consumers?
7 points
A. It limits the number of available goods
B. It increases the cost of goods
C. It provides access to a broader range of goods and services
D. It reduces competition
Option 5
7 points
A. It limits the number of available goods
B. It increases the cost of goods
C. It provides access to a broader range of goods and services
D. It reduces competition
Option 5
Answers
GPT-4o mini
Voluntary trade can benefit African consumers in the following ways:
1. **Access to a Broader Range of Goods and Services (C)**: Voluntary trade allows consumers to access products that may not be produced locally, thereby expanding their choices.
2. **Lower Prices**: By allowing competition and specialization, trade can lead to lower prices for consumers as goods are sourced more efficiently.
3. **Higher Quality Products**: Consumers can benefit from a variety of high-quality goods that may come from more developed markets.
4. **Stimulates Economic Growth**: As trade increases, it can promote economic development, leading to improved infrastructure and services that benefit consumers.
5. **Encourages Innovation**: Competition from international markets can encourage local businesses to innovate and improve their products, benefiting consumers.
6. **Improved Availability of Goods**: Trade can help ensure that consumer goods are consistently available, reducing shortages of essential products.
7. **Cultural Exchange**: Trade can lead to cultural exchange, allowing consumers to experience and enjoy products from different cultural backgrounds.
In conclusion, voluntary trade primarily benefits African consumers by providing access to a broader range of goods and services, thereby enhancing consumer choices and overall economic welfare.
Thus, the correct answer to your question regarding which option benefits consumers is **C. It provides access to a broader range of goods and services.**
1. **Access to a Broader Range of Goods and Services (C)**: Voluntary trade allows consumers to access products that may not be produced locally, thereby expanding their choices.
2. **Lower Prices**: By allowing competition and specialization, trade can lead to lower prices for consumers as goods are sourced more efficiently.
3. **Higher Quality Products**: Consumers can benefit from a variety of high-quality goods that may come from more developed markets.
4. **Stimulates Economic Growth**: As trade increases, it can promote economic development, leading to improved infrastructure and services that benefit consumers.
5. **Encourages Innovation**: Competition from international markets can encourage local businesses to innovate and improve their products, benefiting consumers.
6. **Improved Availability of Goods**: Trade can help ensure that consumer goods are consistently available, reducing shortages of essential products.
7. **Cultural Exchange**: Trade can lead to cultural exchange, allowing consumers to experience and enjoy products from different cultural backgrounds.
In conclusion, voluntary trade primarily benefits African consumers by providing access to a broader range of goods and services, thereby enhancing consumer choices and overall economic welfare.
Thus, the correct answer to your question regarding which option benefits consumers is **C. It provides access to a broader range of goods and services.**