Gain from Trade Is the Increase in Total Production Due

question 56

True/False

Gain from trade is the increase in total production due to specialization allowed by trade.

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Definitions:

Strict Liability

A legal principle where a party can be held responsible for damages or harm caused without needing to prove negligence or intent.

Privity of Contract

A legal concept indicating that contracts confer rights and impose obligations only on the parties signing the contract.

Defendant's Liability

The legal responsibility of the defendant in a legal proceeding to compensate for harm caused.

Product Liability Suit

A legal claim against a manufacturer or seller for producing or selling a defective product that caused harm to the consumer.