The Principal Concept Behind Comparative Advantage Is That a Nation

question 268

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:

ENFP Myers-Briggs Profile

A personality type in the Myers-Briggs Type Indicator characterized by traits of Extraversion, Intuition, Feeling, and Perceiving.

Extraverted

A personality trait characterized by outgoing, sociable behavior, where individuals gain energy from social interaction and external stimulation.

Emotions

Strong feelings directed toward someone or something.

Open Person

An individual who exhibits openness to experience, characterized by a willingness to try new things, think creatively, and be receptive to different ideas.