The Law of Comparative Advantage Implies That a Nation, Individual

question 74

Multiple Choice

The law of comparative advantage implies that a nation, individual, or region should produce those economic goods for which it

• A) has an absolute advantage.
• B) is a low opportunity cost producer.
• C) is a high opportunity cost producer.
• D) pays the highest wage rate.

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Definitions:

Career Management

The ongoing process of setting personal career goals, developing strategies for achieving them, and monitoring progress, often with the assistance of employers or professionals.

Inplacement

Reabsorbing excess or inappropriately placed workers into a restructured organization.

Outplacement

Assistance provided by an organization to former employees transitioning to new jobs, often including career counseling, job search assistance, and training.

Inplacement

An organizational practice focusing on training and developing employees within the company to prepare them for higher responsibilities.