What Was the Basic Insight of the Theory of Comparative

question 5

Multiple Choice

What was the basic insight of the theory of comparative advantage?

• A) Efficiency can be achieved by minimizing opportunity costs.
• B) Efficiency can be achieved by what a country could less expensively produce than its trading partners.
• C) Efficiency is the result of self-sufficiency in all economic inputs.
• D) Efficiency results from maximizing the number of a country's trading partners.

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Definitions:

Self-Esteem

An individual's subjective evaluation of their own worth, encompassing beliefs about oneself as well as emotional states.

Death Anxiety

A psychological condition where an individual harbors fears or apprehensions about the prospect of death or the process of dying.

Collective Action

A collaborative effort by a group of individuals or organizations aimed at achieving a common goal.

Status Quo

Refers to the existing state of affairs or the current condition or situation.