An Economic Principle That Explains Why People Pursue Different Occupations

question 32

Multiple Choice

An economic principle that explains why people pursue different occupations is

• A)absolute advantage.
• B)international trade.
• C)comparative advantage.
• D)NAFTA.

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Definitions:

Quotas

Limits set by governments on the quantity of goods that can be imported or exported over a certain period.

GATT

The General Agreement on Tariffs and Trade, an international treaty designed to reduce tariffs and other barriers to trade between member countries.

International Agreement

A formal accord between two or more countries that outlines specific commitments each nation agrees to fulfill, often related to trade, defense, or cultural exchanges.

Liberalization

The process of reducing restrictions on economies, typically by removing trade barriers and deregulating capital markets.