Which of the Following Best Describes the Implications of the Law

question 202

Multiple Choice

Which of the following best describes the implications of the law of comparative advantage? If each person sells goods for which he or she has the greatest comparative advantage in production and buys those for which his or her comparative advantage is least, the

• A) total output available to each person can be expanded by specialization and exchange.
• B) total output will fall.
• C) buyers of goods will gain at the expense of sellers.
• D) sellers of goods will gain at the expense of buyers.

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Definitions:

Antitrust Issues

Legal matters related to regulations that prevent monopolies and promote competition among businesses.

Occupational Safety And Health

The field of public health and safety focused on preventing workplace illnesses, injuries, and accidents through the implementation of various safety standards and regulations.

Equal Employment Opportunity

Legislation that ensures that all individuals have an equal chance for employment, without discrimination based on race, color, religion, sex, national origin, age, disability, or genetic information.

Most Favoured Nation Status

A trading advantage granted by one country to another that ensures the receiving country will not be treated less advantageously than any other country with similar agreements.