The Principal Concept Behind Comparative Advantage Is That a Nation

question 93

Multiple Choice

The principal concept behind comparative advantage is that a nation should

• A) maximize its volume of trade with other nations.
• B) use tariffs and quotas to protect the production of vital products for the nation.
• C) concentrate production on those products for which it has the lowest domestic opportunity cost.
• D) strive to be self-sufficient in the production of essential goods and services.

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Definitions:

Post-Action Controls

The mechanisms put in place to assess the outcomes and effectiveness of actions taken, ensuring alignment with planned objectives or standards.

Ongoing Operations

The continuous activities and processes that are performed by an organization to maintain its business and services.

Feedforward

is a communication process that involves giving future-oriented feedback to help someone adjust their actions before they engage in a specific behavior.

Input-Throughput-Output Cycle

A model or process that describes how input (resources, information) is processed (throughput) to produce a certain output (products, services).