Finland Allows Trade with the Rest of the World

question 138

Multiple Choice

Finland allows trade with the rest of the world.We can determine whether Finland has a comparative advantage in producing pork if we

• A) know whether Finland imports or exports pork.
• B) compare the world price of pork to the price of pork that would prevail in Finland if trade with the rest of the world were not allowed.
• C) compare the quantity of pork consumed in Finland with the quantity of pork that would be consumed in Finland if trade with the rest of the world were not allowed.
• D) All of the above are correct.

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Definitions:

Common Law

The body of law derived from judicial decisions of courts and similar tribunals, rather than laws passed by legislatures or executive bodies.

Democratic Election

A system of choosing leadership or making decisions within an organization through a process of voting by the membership or constituents in a fair and transparent manner.

Local Unions

Subdivisions of a national labor union that represent the interests of workers in specific geographic areas or industries.

Collective Bargaining

The process by which labor unions negotiate with employers on behalf of their members to establish employment terms such as wages, hours, and working conditions.