In the Graph in Question #24 Above, If the Two

question 8

Multiple Choice

In the graph in Question #24 above, if the two countries are opened to trade with each other, country A will export __________ and country B __________.

• A) good X; will export good Y
• B) good X; also will export good X because there has been a factor-intensity reversal
• C) good Y; also will export good Y because there has been a factor-intensity reversal
• D) good Y; will export good X

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Definitions:

Holder-in-Due-Course Status

Holder-in-due-course status refers to a legal protection granted to the holder of a negotiable instrument, who takes the instrument for value, in good faith, and without notice of any defects or claims against it.

Personal Defense

Legitimate reasons or arguments used by a defendant in a legal proceeding to challenge the enforceability of a demand made against them in a personal rather than real property context.

Real Defense

A liability defense that applies universally to all parties.

Warrants

Legal documents issued by a court or government official authorizing the police or another body to make an arrest, search premises, or carry out some other action relating to the administration of justice.