The Comparative Advantage Form of Competitive Advantage Means

question 193

Multiple Choice

The comparative advantage form of competitive advantage means

• A) that a country does not belong to any free trade agreements.
• B) that a country is the sole supplier of a product or service.
• C) that a country can produce everything better or more cheaply than any other country.
• D) that a country can produce some products better or more cheaply than it can other products.
• E) that a country can produce something better or more cheaply than any other country.

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Definitions:

Wealthy Nations

Countries characterized by a high level of economic wealth, typically measured by gross domestic product per capita or similar metrics.

Economic Development

The method through which a nation, region, or local community enhances its economic prosperity and life quality, aiming to meet specific goals and objectives.

Social Development

Refers to the process by which individuals and societies improve well-being, often through evolving social structures, policies, and norms.

Absolute Poverty

A condition where individuals lack the minimum amount of income or resources necessary to maintain basic living standards and needs.