Suppose That the Country of Xenophobia Chose to Isolate Itself

question 157

Multiple Choice

Suppose that the country of Xenophobia chose to isolate itself from the rest of the world.Its ruler proclaimed that Xenophobia should become self-sufficient and so would not engage in foreign trade.From an economic perspective,when would this idea make sense

• A)if Xenophobia had an absolute advantage in all goods
• B)if Xenophobia had no absolute advantages in any good.
• C)never, as long as Xenophobia had a comparative advantage in any good
• D)never, as long as Xenophobia had an absolute advantage in at least half the goods traded

---

Definitions:

Forecasting Process

The systematic approach to predicting future events or trends, often involving data analysis and modeling techniques.

Time Horizon

The fixed point in the future at which certain outcomes will be evaluated or a plan is expected to come to fruition.

Select Forecasting Model

Determining the most appropriate statistical or analytical model to predict future trends based on past and present data.

Delphi Method

A forecasting technique using a group process that allows experts to make forecasts.