Which of the Following Is True of Exchange

question 157

Multiple Choice

Which of the following is true of exchange?

• A) The value of a good is determined by the cost of the resources required to produce the good.
• B) Exchange makes it possible for trading partners to produce more goods through division of labor and adoption of mass production methods.
• C) Nothing new is created by exchange; if one party to an exchange gains, the other must lose an equal amount.
• D) Both a and b are true.

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Definitions:

Legal Ethics

The principles and codes of conduct that govern the behavior of legal professionals.

Disciplinary Proceeding

A formal process where professional conduct is reviewed, and disciplinary actions may be taken for violations.

Malpractice Lawsuit

A legal action taken against a professional, such as a doctor or lawyer, for negligence or incompetence that results in harm to a client or patient.

Duty of Competence

A professional obligation requiring individuals to have the necessary knowledge and skill to perform tasks effectively.