When It Is Impossible to Reorganize Economic Resources So That

question 64

Multiple Choice

When it is impossible to reorganize economic resources so that at least one person is better off while nobody is worse off,we have attained

• A) allocative efficiency.
• B) productive efficiency.
• C) absolute advantage
• D) comparative advantage.
• E) a point outside the production possibilities curvE.

Understand the implications of GATT and its application in international trade scenarios.

Identify the institutions and mechanisms available for exploring and protecting international trade interests.

Recognize the importance and function of international business transaction documents, including bills of lading and commercial invoices.

Understand the role and application of international arbitration in resolving disputes in international trade.

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Definitions:

Counteroffer

A response to an offer in a negotiation, where the original offer is rejected and replaced with a new proposal.

Reasonably Certain

A standard of assurance in legal contexts, indicating that the evidence or future event is probable or likely according to logic and evidence.

Terms

Conditions and stipulations specified in an agreement or contract that outline the obligations, rights, and duties of the parties involved.

Offer

A proposal by one party to another regarding a potential contract, indicating a willingness to enter into an agreement under specified terms.