Outward-Oriented Growth Strategies Place Main Emphasis on

question 56

Multiple Choice

Outward-oriented growth strategies place main emphasis on

• A) the allocation of resources according to the principle of absolute advantage
• B) the allocation of resources according to the principle of comparative advantage
• C) the principle of strategic trade policy
• D) the principle of industrial policy

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Definitions:

Genuine Progress Indicator

An economic measure that accounts for welfare, incorporating factors like environmental health and social well-being, offering an alternative to GDP.

Environmental Costs

The negative impacts on the environment, including pollution, resource depletion, and loss of biodiversity, often not reflected in the market price of goods and services.

Health Costs

The expenses associated with maintaining, improving, or monitoring health, including prevention, diagnosis, treatment, and rehabilitation.

Natural Resources

Materials or substances that occur in nature and can be used for economic gain, such as minerals, forests, water, and fertile land.