The Improvement in Outcomes That Occurs When Specialized Producers Exchange

question 81

Multiple Choice

The improvement in outcomes that occurs when specialized producers exchange goods and services is called:

• A) gains from trade.
• B) absolute advantage.
• C) comparative advantage.
• D) specialization.

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Definitions:

Second Shift

The phenomenon where working individuals, especially women, take on the majority of household and caregiving duties after their paid workday ends.

Unpaid Labor

Work that is done without any form of remuneration or compensation, often maintaining households and supporting family members, contributing to the economy indirectly.

Second Shift

The phenomenon where individuals, often women, work a day job and then return home to perform domestic chores and caregiving, effectively working a "second shift."

Divorced Parents

Individuals who have legally ended their marriage and are no longer living together as spouses, often involving arrangements for co-parenting if children are involved.