When Every Country Does What It Is Best At

question 161

Multiple Choice

When every country does what it is best at,

• A)every other nation will lose because of the inability to compete.
• B)all other nations can benefit because more of every commodity can be produced.
• C)some nations will gain at the expense of other nations.
• D)rich nations will gain at the expense of poor nations.

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Definitions:

Minimum Hourly Wages

The lowest hourly payment that employers can legally pay their workers, as established by law or regulation.

Employment at Will

A doctrine in labor law that allows employers to terminate employees for any reason, unless it is illegal or violates an employment contract.

Common Law Doctrine

A principle or precedent set by previous court decisions, forming part of the body of law in common law jurisdictions, as opposed to statutory law.

Contract or Statute

Legal documents that establish rights and obligations; a contract is an agreement between parties, while a statute is a law enacted by a legislative body.