Which of the Following Refers to the Ability of a Nation

question 7

Multiple Choice

Which of the following refers to the ability of a nation to produce a good more efficiently than any other nation?

• A) mercantilism
• B) comparative advantage
• C) absolute advantage
• D) neomercantilism

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Definitions:

Legislative Branch

One of the three branches of government responsible for creating and enacting laws, typically consisting of a parliament or congress.

Judicial Branch

The branch of government responsible for interpreting the laws and administering justice through courts.

Legal System

The comprehensive framework of rules, regulations, practices, and institutions that govern how laws are enacted, interpreted, and enforced in a specific jurisdiction.

Socialist Legal System

A type of legal system often found in socialist states where the law is used as a tool to effect social change and uphold the ownership and distribution means by the community as a whole.