What is the law of comparative advantage?
a. It asserts that each country should specialize in what it produces most efficiently, trading surplus production for items that it needs that are produced more efficiently elsewhere.
b. It is a concept in international law that allows countries to obtain a comparative advantage in war by blockading enemy ports.
c. It forces countries in the industrialized world to accept the currency of other industrialized states, but not the currency of nonindustrialized states.
d. It sets the exchange rate between currencies. It was part of the Bretton Woods system, but is no longer in use.
a
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Answer:
Which of the following was expected of the federal government 200 years ago?
a. regulating business b. providing national defense c. providing poverty relief d. inspecting food