As the Result of Specialization and Trade, According to the Law

question 130

Multiple Choice

As the result of specialization and trade, according to the law of comparative advantage, total output will

• A) decline because specialization is costly.
• B) rise only when there is an accompanying decline in the total output of one's trading partners.
• C) rise if a nation is a net exporter and fall if the nation is a net importer of goods and services.
• D) increase since resources will be better directed toward their highest-valued use.

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Definitions:

Public Company Accounting Oversight Board

A nonprofit corporation established by Congress to oversee the audits of public companies to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the nation's securities industry.

Contributory Negligence

Contributory Negligence is a legal doctrine where a plaintiff's failure to take proper care for their own safety can reduce or eliminate the defendant's liability.

Comparative Negligence

A legal doctrine that allocates damages based on the degree of fault or negligence found against each party in a lawsuit.