The Law of Comparative Advantage States That _____

question 13

Multiple Choice

The law of comparative advantage states that _____

• A) each country should specialize in producing the good with the lowest opportunity cost.
• B) a country that is able to produce something using fewer resources than other countries would gain from specialization and trade.
• C) international trade barriers slow the introduction of new goods and better technologies.
• D) countries can gain from trade if production is subject to economies of scale.
• E) countries must agree on how much of one good exchanges for another.

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Definitions:

Empty Nest Syndrome

is a feeling of loneliness or depression that parents may experience when their children grow up and leave home for college, work, or to start their own families.

Egalitarian Attitudes

A viewpoint that favors equality for all people, particularly in rights, status, and opportunities.

Housework

Domestic tasks performed within the household, such as cleaning, cooking, and laundry.

Religiosity

The intensity of an individual's religious beliefs or the extent of their religious practices.