The Improvement in Outcomes That Occurs When Specialized Producers Exchange

question 81

Multiple Choice

The improvement in outcomes that occurs when specialized producers exchange goods and services is called:

• A) gains from trade.
• B) absolute advantage.
• C) comparative advantage.
• D) specialization.

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Definitions:

Embezzlement

The act of wrongfully appropriating funds or property entrusted to one's care.

People's Bank

A generic term for a financial institution, often state-owned, that serves the financial needs of its citizens or specific sectors of the economy.

ATM System

An Automated Teller Machine (ATM) system refers to an electronic banking outlet that allows customers to complete financial transactions without the need for a branch representative or teller.

Auto Theft

The criminal act of stealing or unlawfully taking possession of someone else's motor vehicle.