All of the Following Are Concepts Based on Values EXCEPT

question 23

Multiple Choice

All of the following are concepts based on values EXCEPT

• A) morals.
• B) honesty.
• C) law.
• D) ethics.

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Definitions:

Comparative Advantage

The principle that countries or entities should produce goods and services where they have a lower opportunity cost compared to others.

Domestic Opportunity Cost

The cost of forgoing the next best alternative when choosing to produce a good or service domestically.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

Domestic Opportunity Cost

The cost of forgoing the next best alternative use of a country's resources when choosing to produce a particular good or service.