Which of the Following Best Describes Comparative Advantage

question 271

Multiple Choice

Which of the following best describes comparative advantage?

• A) being able to produce more output than any other country
• B) using the fewest number of resources to produce a given amount of output
• C) having the largest number of resources compared to other countries
• D) forgoing the fewest units of one product to produce a unit of another product
• E) It is the same as absolute advantage.

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Definitions:

Task Allocation

The assignment of tasks or duties to different people or groups in an organization or project, often based on skills, availability, or workload balancing.

Division of Labour

The assignment of different parts of a manufacturing process or task to different individuals in order to improve efficiency and productivity.

Social Roles

The parts individuals play as members of a social group, which dictate their behavior, responsibilities, and expectations.

Correspondence Bias

The tendency to overattribute someone's actions to their personality or disposition while underestimating situational factors.