The Effects Attributed to the Decline in the Volume of Trade

question 55

Multiple Choice

The effects attributed to the decline in the volume of trade in a large nation,considered independently of changes in terms of trade,will

• A)reduce the nation's welfare
• B)increase the nation's welfare
• C)not change the nation's welfare
• D)have ambiguous outcomes with respect to gain or loss of welfare

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Definitions:

Appealing

The process of applying to a higher court for a reversal of the decision of a lower court.

Writ of Certiorari

A legal order issued by a higher court to review the decision and proceedings of a lower court.

Offer of Proof

A legal procedure in a trial where a party outlines what evidence would show if it were allowed, often used after an objection to evidence has been sustained.

Class Action

A lawsuit filed by one or more plaintiffs on behalf of a larger group of people who are similarly affected by the same issue.