When Does a Country Have an Absolute Advantage in the Production

question 34

Multiple Choice

When does a country have an absolute advantage in the production of a good?  

• A) when that country can produce the good using fewer resources than another country would require 
• B) when that country has the lowest opportunity cost of producing the good and can produce it with the fewest resources 
• C) when that country has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources 
• D) when that country has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources

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Definitions:

HR Segmentation

The process of dividing a workforce into distinct groups based on similar attributes or needs, in order to manage human resources more effectively and tailored to each segment.

Low Cost

A characteristic of goods, services, or processes that require minimal financial expenditure to acquire, maintain, or produce.

Internal Supply

Refers to the resources, capabilities, and competencies that are available within an organization, which can be utilized to achieve strategic objectives.

Retrained

The process of teaching employees new skills or refreshing their existing skills to meet the current demands of their job or prepare for new job roles.