According to the Law of Comparative Advantage

question 36

Multiple Choice

According to the law of comparative advantage,

• A) individuals and nations gain when they specialize in producing those goods they consume.
• B) individuals and nations gain when they specialize in producing goods they can produce at a high opportunity cost and can exchange for other desired goods they can produce cheaply.
• C) individuals and nations gain when they specialize in producing those items for which they are the low opportunity cost producers and exchange for other desired goods they can't produce as cheaply.
• D) all of the above are true.

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Definitions:

American Economy

The economic system of the United States, characterized by a mixed economy with both private enterprises and government involvement.

Opportunities for Women

Chances or avenues available for women to advance, grow, or succeed in various fields, emphasizing progress towards gender equality.

Retail Industry

Comprises businesses that sell goods and services directly to the end consumer for personal, non-business use.