Free Trade Based on Comparative Advantage Is Economically Beneficial Because

question 13

Multiple Choice

Free trade based on comparative advantage is economically beneficial because:

• A)it promotes an efficient allocation of world resources.
• B)it increases competition.
• C)it provides consumers with a wider range of products.
• D)of all of the above reasons.

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Definitions:

Herbert Spencer

A British philosopher, biologist, anthropologist, and sociologist known for applying evolutionary theory to social evolution and for coining the term "survival of the fittest."

Manifest Function

The intended and recognized outcome of a social process or institution.

Latent Function

Unintended or unrecognized consequences of an institution, action, or social process that may not have been explicitly acknowledged.

Dysfunctional Function

A paradoxical term often used to describe societal practices or institutions that persist despite having negative effects on the social system.