An Economic Principle That Explains Why Countries Produce Different Goods

question 118

Multiple Choice

An economic principle that explains why countries produce different goods and services is

• A)absolute advantage.
• B)trade as a percentage of GDP.
• C)comparative advantage.
• D)NAFTA.

Evaluate the interplay between social class and everyday class consciousness in shaping social interactions and personal identity.

Understand the causes, measures, and effects of poverty.

Comprehend the concept and types of social mobility, including its indicators and societal impact.

Recognize and analyze social stratification systems and their meritocratic, democratic, and oligarchic foundations.

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Definitions:

Hoovervilles

Shanty towns built by homeless people during the Great Depression in the United States, named after President Herbert Hoover, who was blamed for the economic plight that led to their conditions.

Homeless

Individuals or families lacking stable and permanent housing.

Reciprocal Trade Agreements Act

A 1934 U.S. law that allowed the president to negotiate tariff reductions with other countries to promote international trade.

American Tariffs

Taxes imposed by the United States on imported goods to protect domestic industries and generate revenue.