When Every Country Does What It Is Best At

question 161

Multiple Choice

When every country does what it is best at,

• A)every other nation will lose because of the inability to compete.
• B)all other nations can benefit because more of every commodity can be produced.
• C)some nations will gain at the expense of other nations.
• D)rich nations will gain at the expense of poor nations.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option during decision-making.

Managerial Decision

Choices or judgments made by managers in the context of strategic planning and resource allocation to achieve business objectives.

Short-term

Referring to a period of time typically less than one year, used in context of planning, finance, or objectives.

Outsourcing

The practice of hiring third parties to perform services or produce goods traditionally done in-house, often to cut costs.