Question
Why Trade Matters
Canada and other countries actively participate in global trade. Trading gives their citizens access to a much wider variety of goods and services than each country could produce on its own. Global trade helps each country’s economy grow. It also benefits both buyers and sellers in that country.
Helps Buyers
Trade lets buyers choose from a broader array of goods and services.
Trade increases competition among providers of goods and services. Competition helps keep prices down. Buyers benefit from those lower prices.
Helps Sellers
Trade lets producers buy materials from more providers for the goods and services they make. Competition can help the producers get materials at a cheaper price or higher quality.
Trade gives producers access to new customers who might buy their goods and services. More customers means more sales and more profit.
Read the specialization example and answer the question. Suppose Canada and the United States both produce lumber and wheat, but at different rates.
Which country produces lumber more efficiently?
United States
Canada
Canada and other countries actively participate in global trade. Trading gives their citizens access to a much wider variety of goods and services than each country could produce on its own. Global trade helps each country’s economy grow. It also benefits both buyers and sellers in that country.
Helps Buyers
Trade lets buyers choose from a broader array of goods and services.
Trade increases competition among providers of goods and services. Competition helps keep prices down. Buyers benefit from those lower prices.
Helps Sellers
Trade lets producers buy materials from more providers for the goods and services they make. Competition can help the producers get materials at a cheaper price or higher quality.
Trade gives producers access to new customers who might buy their goods and services. More customers means more sales and more profit.
Read the specialization example and answer the question. Suppose Canada and the United States both produce lumber and wheat, but at different rates.
Which country produces lumber more efficiently?
United States
Canada
Answers
Answered by
GPT-4o mini
To determine which country produces lumber more efficiently, we would need specific information about the rates of lumber production in both Canada and the United States. Generally, Canada is known for having vast forests and a significant lumber industry, which may suggest that it could be more efficient in lumber production. However, without specific data comparing the production rates or costs of lumber between the two countries, we cannot definitively say which country is more efficient.
If the question is purely theoretical or based on common knowledge, then it is widely accepted that Canada has a competitive advantage in lumber production due to its larger forest resources. Therefore, it would typically be considered that **Canada** produces lumber more efficiently.
Please let me know if you need more specific details or data!
If the question is purely theoretical or based on common knowledge, then it is widely accepted that Canada has a competitive advantage in lumber production due to its larger forest resources. Therefore, it would typically be considered that **Canada** produces lumber more efficiently.
Please let me know if you need more specific details or data!