Which of the Following Must Be True in Order to Engage

question 93

Multiple Choice

Which of the following must be true in order to engage in advantageous international trade?

• A)It must be producing at a point on its production possibilities frontier.
• B)It must be economically efficient.
• C)It must have a comparative advantage in producing one of the goods being traded.
• D)There must be no potential Pareto improvements available in the economy.
• E)It must have an absolute advantage in producing one good being traded.

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Definitions:

Personal Control System

Management techniques that rely on personal contact and direct supervision to oversee and control employee behavior and performance.

Compliance

Adherence to laws, regulations, guidelines, and specifications relevant to business operations.

Experts

Individuals with extensive knowledge or proficiency in a specific area, often recognized due to their skills, experience, and education.

Modular Design

An approach that divides a system into smaller parts or modules that can be independently created and then used in different systems.