Can a Nation's Economic and Social Policies Create Absolute Advantage

question 29

Multiple Choice

Can a nation's economic and social policies create absolute advantage?

• A) Yes, if they create the conditions for efficient production relative to competitors.
• B) Yes, if they create the conditions for more production.
• C) No, if they create the conditions for efficient production relative to competitors.
• D) Yes, because they know how create the conditions for efficient production relative to competitors.
• E) No, since they cannot create the conditions for efficient production relative to competitors.

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Definitions:

Innovation

The process of introducing new ideas, devices, or methods to improve goods, services, or processes.

Triggering Event

A specific occurrence that initiates a chain of events or causes a particular effect or reaction.

Lifelong Learning

The ongoing, voluntary, and self-motivated pursuit of knowledge for personal or professional reasons throughout a person’s life.

Small Business Owner

An individual who owns a small-scale enterprise, typically characterized by independent ownership, operation, and fewer employees.