International Specialization and Trade

question 222

Multiple Choice

International specialization and trade:

• A)allow a nation to get more of a desired good at less sacrifice of some other good.
• B)can allow an economy to circumvent the output limits imposed by its domestic production possibilities curve.
• C)Has the same effect as having more and better resources.
• D)All of the above.

---

Definitions:

Statutory Law

The assortment of rules and regulations put forth by legislatures.

Governing Authority

The organization, body, or individual that has the power to make and enforce rules, laws, and regulations within a specified jurisdiction.

Organized Society

A structured group of individuals governed by established laws, norms, and institutions.

Business Law

The branch of law that deals with the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.