The product life cycle model says that comparative advantage in manufactured goods may move from one country to another as a product becomes more standardized

When a nation imports a good, its consumer surplus ________, and its producer surplus ________

A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases E) does not change; increases

Exclusive rights of ownership that allow the use, transfer, and exchange of property are called

A) common property rights. B) nonexclusive property rights. C) private property rights. D) public property rights.