When a Nation Has a Comparative Advantage in the Production

question 344

Multiple Choice

When a nation has a comparative advantage in the production of a particular good

• A) the nation tends to avoid specialization.
• B) the comparative advantage encourages self-sufficiency.
• C) the opportunity cost of producing that good is higher than that of other goods.
• D) the nation can gain from trade.

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Definitions:

Cultural Conflict

A clash or struggle that arises from differences in beliefs, values, and customs between individuals or groups from different cultures.

Cultural Stereotype

Oversimplified and generalized opinions about the traits, behaviors, and characteristics of a particular cultural group.

U.S. Department of Labor

A federal agency responsible for promoting the welfare of job seekers, wage earners, and retirees in the United States.

Fair Labor Standards Act

United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in federal, state, and local governments.