The measure of the price level of all goods and services produced in an economy is called _____

The law of comparative advantage says that

a. the individual with the lowest opportunity cost of producing a particular good should produce it b. comparative advantage exists only when one person has an absolute advantage in the production of two goods c. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good d. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good e. gains from trade are possible only when one person has the comparative advantage in producing both goods

Elsie owns a dairy farm and Elmer is a baker. If Elsie trades butter and milk for some of Elmer's pies than: a. Elsie is the only one that gains from the trade

b. Elmer is the only one that gains from the trade. c. Elsie and Elmer are both made better off by the trade. d. Both Elmer and Elsie are made worse off by the trade.