Social Class Is Not Determined by a Single Factor, Such

question 42

True/False

Social class is not determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth, and other variables.

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Definitions:

Comparative Advantage

Comparative advantage occurs when a country can produce a good at a lower opportunity cost than another country.

Absolute Quantities

A term used to describe the total amount of a product, asset, or resource, measured independently and without comparison to other entities.

Free Trade

A policy to eliminate discrimination against imports and exports, allowing goods to move freely between countries without tariffs or quotas.

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than its competitors.