Prior Cases Whose Principles Are Used by Judges to Decide

question 39

Multiple Choice

Prior cases whose principles are used by judges to decide current cases are called

• A)public law.
• B)en banc decisions.
• C)precedents.
• D)ex post facto cases.

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Definitions:

International Trade

The exchange of goods and services between countries, allowing for specialization, more efficient production, and access to a broader range of products.

Absolute Advantage

The ability of an individual, company, or country to produce more of a good or service with a given amount of resources than competitors.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to trade benefits.

Terms Of Trade

The ratio of a country's export prices to its import prices, affecting the volume of goods a country can import for a given level of exports.