In Order to Achieve the Maximum Gains from Trade, People

question 238

Multiple Choice

In order to achieve the maximum gains from trade, people should specialize according to

• A) property rights.
• B) PPF.
• C) absolute advantage.
• D) comparative advantage.

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Definitions:

Labor Relations (Wagner) Act

A foundational statute of US labor law which guarantees the rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

1930s

The decade from 1930 to 1939, characterized by the Great Depression worldwide, economic hardship, and in some places, political instability.

1940s

A decade in the 20th century that experienced significant global events, including World War II and the beginning of the Cold War.

AFL

The American Federation of Labor, a national federation of labor unions in the United States founded in 1886, focused on skilled workers.