The Concept of Comparative Advantage Is Based On

question 11

Multiple Choice

The concept of comparative advantage is based on:

• A)absolute labor productivity.
• B)relative labor costs.
• C)dollar prices of labor.
• D)relative opportunity costs.

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Definitions:

Employee Productivity

A measure of how efficiently workers complete tasks and contribute to the goals of an organization, often gauged by output per time period.

Employee Retention

Strategies and practices aimed at keeping employees engaged and committed to the organization, thereby reducing turnover and retaining valuable talent.

Merit Pay System

A compensation strategy that rewards employees based on their performance and achievements in the workplace.

Merit Pool

A budget set aside for merit-based increases in pay for employees, typically based on performance reviews.