Advantages to an economy following specialization and trade under the concept of comparative advantage include

Advantages to an economy following specialization and trade under the concept of comparative advantage include:

I. being able to CONSUME past the PPF.
II. enjoying more goods and services than before specialization and trade.
III. using the nation’s resources more efficiently.
IV. enjoying a higher standard of living than before specialization and trade.
V. enjoying a greater diversity of products manufactured in the nation than before specialization and trade.

Only I and II are correct.

Only I, II, and III are correct.

Only I, II, III, and IV are correct.

All these statements are correct.

None of these statements are correct.

Answer:
The first four (I through IV) are correct, while V is incorrect. When a country specializes production and then trades, it probably produces a smaller diversity of products, focusing on the products in which the country has a comparative advantage.
Yes, 1 through 4 are correct. #5 is most likely the exact opposite.

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