Which of the Following Is Not a Commonly Recognized Classification

question 2

Multiple Choice

Which of the following is not a commonly recognized classification of the law?

• A)National
• B)Federal
• C)International
• D)Private
• E)Philosophical

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Definitions:

Economic Background

The set of conditions including historical, geographical, and cultural factors that influence the economic activities and outcomes of a person or entity.

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

Heckscher-Ohlin Theory

An economic theory stating that countries will export products that utilize their abundant and cheap factor(s) of production and import products that require resources that are rare or expensive domestically.

Factor Endowments

The quantities of various resources a country possesses, which can affect its comparative advantage in international trade.