Theory Based on __________ __________ States That International and Interregional

question 48

Multiple Choice

Theory based on __________ __________ states that international and interregional differences in production costs occur because of differences in the supply of production factors.

• A)comparative advantage
• B)absolute advantage
• C)mercantilist advantage
• D)resource endowments
• E)capitalist advantage

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Definitions:

Interstate Commerce

Refers to any work involving or related to the movement of goods or services across state lines within the United States.

Worker's Regular Hourly Wage

The standard rate of pay per hour for a worker before any overtime or bonuses are added.

Overtime Pay

Compensation for employees who have worked more than the standard work hours.

Fair Labor Standards Act

A U.S. law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.