Which of the Following Attributes of Trade Explain Why It

question 202

Multiple Choice

Which of the following attributes of trade explain why it is important for economic prosperity?

• A) Trade moves goods from people who value them less to people who value them more.
• B) Trade makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production.
• C) Trade makes it possible to produce a larger output as a result of gains from division of labor and specialization.
• D) All of the above.

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Definitions:

Unanimous Opinion

A judicial decision in a court case where all the judges or justices agree on the outcome and rationale of the decision.

Dicta

Latin term referring to nonbinding, nonprecedential judicial statements that are not directly related to the facts or issues presented in the case and thus are not essential to the holding.

Appellate Court

A court that reviews the decisions of lower courts to ensure the law was applied correctly.

Interpretation

The act of determining the meaning or significance of legal texts, statutes, or regulations, often involving analysis by a court or legal authority.