What Is Ethnocentrism

question 19

Multiple Choice

What is ethnocentrism?

• A) the belief that almost everyone in a cultural group will agree on core beliefs and values
• B) the attitude that the diverse cultural beliefs around the world should be respected by all
• C) the attitude that one's own cultural approach is superior to those from other cultures
• D) the belief that although cultures are different, they all favor peace and harmony

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than competitors.

International Specialization

The economic strategy where countries focus on the production and export of goods and services for which they have a comparative advantage.

Trading Possibilities Line

A line that shows the different combinations of two products that an economy is able to obtain (consume) when it specializes in the production of one product and trades (exports) it to obtain the other product.

Cost Ratios

These ratios compare different types of costs to each other or to sales in order to evaluate a company's financial efficiency and profitability.