Economic Theory States That Losing Comparative Advantage in One Good

question 15

Multiple Choice

Economic theory states that losing comparative advantage in one good means creating a comparative advantage in another.This suggests that:

• A) those who experience the transition may find it difficult in the short run.
• B) it can be seen as a success in the short run.
• C) outsourcing will always be good for every member of a society.
• D) in the long run people may not like it, but no one will complain in the short run.

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Definitions:

Family Groups

Social units consisting of individuals related by blood, marriage, or adoption, traditionally living together or in close proximity.

North American Indians

Indigenous peoples who lived in what is now Canada, the United States, and parts of Mexico before European colonization.

Catholicism

The branch of Christianity headed by the Pope, with its spiritual and administrative center located in the Vatican City.

Puritanism

A religious reform movement originating in the late 16th century within the Church of England, emphasizing a strict and literal interpretation of the Bible and a pious, disciplined lifestyle.