Which of the Following Terms Best Represents a Situation in Which

question 50

Multiple Choice

Which of the following terms best represents a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country, or what they can produce and sell to another country?

• A)Free trade
• B)Positive-sum game
• C)Socialism
• D)Absolute advantage
• E)Zero-sum game

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Definitions:

Physical Resources

Tangible assets used in the production or delivery of goods and services, such as machinery, buildings, and raw materials.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Opportunity Cost

Renouncing the possibility of gains from different alternatives by making a single choice.

Human Desire

The intrinsic motivation or want for specific outcomes, experiences, or material possessions.