Consumers of the Exportable Product in the Exporting Country Gain

question 51

Multiple Choice

Consumers of the exportable product in the exporting country gain when trade is based on:

• A)different factor endowments.
• B)technological differences.
• C)external scale economies.
• D)increasing-cost industries.

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Definitions:

Implied Warranty

A legal concept that guarantees a product will meet certain minimum standards of quality and functionality implied by law, even if not expressly stated.

Contract Terms

The specific provisions and conditions outlined in a contract that determine the rights and duties of the parties involved.

Statue Of Limitations

Legal time limits within which actions must be filed in court; beyond this period, claims are no longer enforceable. Note: The correct term is "Statute of Limitations."

UCC

The Uniform Commercial Code is an extensive collection of legislation that regulates business dealings across the United States.