Comparative Advantage in Production Is Achieved by

question 9

Multiple Choice

Comparative advantage in production is achieved by

• A)Subsidizing,specializing,and lowering the price of an exported good.
• B)Being able to produce a good with fewer inputs than in other countries.
• C)Having terms of trade that are better than the terms of trade faced in other countries.
• D)Having a lower opportunity cost of producing a good relative to that of other countries.

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Definitions:

International Telecommunications

The exchange of information over significant distances through electronic means, connecting people and entities across borders.

Technological Progress

The advancement and innovation in technology that leads to new devices, methods, and capabilities, improving efficiency and quality of life.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence among the world's economies, cultures, and populations.

Developed Countries

Countries with strong economies and advanced technological infrastructure relative to other less industrialized nations.