The Law of Comparative Advantage Provides the Basic Rationale for Free

question 18

True/False

The law of comparative advantage provides the basic rationale for free trade-all countries, even those with an absolute disadvantage, can gain from trade.

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Definitions:

Marbury v. Madison

A seminal U.S. Supreme Court case in 1803 that established the principle of judicial review, empowering courts to strike down laws and executive actions they find unconstitutional.

Presidential Veto

The power of the President of the United States to refuse to sign a bill into law, thus preventing its enactment.

Majority Vote

A decision-making process that is reached when more than half of the members in a voting body vote in favor of a proposal.

Congress

The legislative branch of the United States federal government, composed of the House of Representatives and the Senate, responsible for making national laws.