The Expansion of World Output as a Result of Trade

question 103

Multiple Choice

The expansion of world output as a result of trade is mainly due to the effects of

• A)Higher trade barriers.
• B)Improved terms of trade.
• C)Specialization according to comparative advantage.
• D)Specialization according to absolute advantage.

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Definitions:

Cooley

Charles Horton Cooley was an American sociologist who is best known for his concept of the looking-glass self, which describes the process by which individuals base their sense of self on how they believe others view them.

Looking-Glass Self

A concept in sociology suggesting that an individual's self-image is shaped by how others perceive them, acting as a reflective social mirror.

Abstract Moral Stage

A theoretical phase in moral development characterized by an understanding of ethical principles that transcend personal interests or societal conventions.

Ego Control

A psychological concept referring to an individual's ability to regulate their impulses, emotions, and behaviors in accordance with societal norms.