The Concept of Comparative Advantage Is Based Upon

question 177

Multiple Choice

The concept of comparative advantage is based upon:

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

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Definitions:

Peter Drucker

A prominent Austrian-born American management consultant, educator, and author, known for his influential writings on business management practices and principles.

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The process of determining the order in which tasks, projects, or goals should be addressed based on their importance, urgency, and impact.

Management By Objectives (MBO)

A management strategy focusing on aligning the goals of employees with the objectives of the organization through participative goal setting and performance assessment.

Budget Adjustments

Modifications made to a budget to reflect changes in the availability of funds or expenditures.