According to the Theory of Comparative Advantage,a Country Gains from Foreign

question 86

Multiple Choice

According to the theory of comparative advantage,a country gains from foreign trade even though it may have an absolute advantage in the production of all products because ________.

• A) the country will forego producing its less efficient output in order to produce its more efficient output
• B) workers become more efficient through specialization
• C) economies of scale will reduce cost
• D) there will be more incentive to develop cost-saving technologies

Analyze the effectiveness of strategic focuses, such as quality online customer service, in gaining a competitive edge.

Understand strategy types used by organizations in compensation and growth contexts.

Appreciate the importance of strategic HR planning in achieving organizational goals and competitive advantage.

Acknowledge the role of human resources in creating competitive advantage and the importance of human capital.

---

Definitions:

Two-part Tariff

A pricing strategy that involves a fixed fee plus a variable usage fee, commonly used in services or utilities pricing.

Season Ticket Holders

Individuals or entities that purchase tickets for an entire season of a sporting, cultural, or entertainment event, often at a reduced rate per event.

St. Louis Rams

A professional American football team that was based in St. Louis, Missouri, before relocating.

Bundling

The practice of selling several products or services together as a single combined unit.