Two Countries That Specialize Where They Have a Comparative Advantage

question 211

Multiple Choice

Two countries that specialize where they have a comparative advantage and then trade with each other will experience increases in:
I. wages in both countries.
II. total output in both countries.
III. living standards in both countries.

• A) I and II only
• B) II and III only
• C) II only
• D) I, II, and III

Understand Marx's approach to resolving contradictions in society versus abstract philosophy.

Evaluate the applicability of Marx's theories in a postindustrial society context.

Describe Marx's definitions of social class, capital, and the concepts of class-in-itself and use value.

Identify key figures in sociology and their primary contributions.

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Definitions:

Consumption

The use of goods and services by households, constituting one of the primary components of GDP.

Developing Nations

Countries with a lower living standard, undeveloped industrial base, and low Human Development Index (HDI) relative to other countries.

Industrially Advanced Nations

Countries that have highly developed economies, characterized by significant industrial growth and high levels of income.

Capital Flight

The rapid movement of large sums of money or capital out of a country due to economic or political instability.