To Follow an Outward-Oriented Strategy, a Country That Has Scarce

question 101

Multiple Choice

To follow an outward-oriented strategy, a country that has scarce natural resources and abundant labor supplies should _____.

• A)export primary goods and import manufactured products
• B)export manufactured goods and impose import restrictions on primary goods
• C)export both primary and manufactured products
• D)export primary goods and impose trade restrictions on manufactured goods
• E)export manufactured products and import primary goods

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Definitions:

Dependability

The quality of being trustworthy and reliable, especially in terms of performing duties or meeting obligations consistently.

Treaty

A formal and binding agreement between two or more sovereign nations or international organizations, governed by international law.

Non-binding Agreement

An agreement between parties that does not legally enforce compliance but is made to signify a mutual understanding or intention.

Case Law

Law established by previous court decisions and based on interpretations of statutes, legal principles, and precedents rather than statutes alone.