Under What Conditions Can a Nation's Producers Compete Effectively with Imports

question 33

Multiple Choice

Under what conditions can a nation's producers compete effectively with imports?  

• A) if that nation's producers have high wages compared to producers in the exporting nations 
• B) if that nation's producers have low labour costs per unit of output compared to producers in the exporting nations 
• C) if that nation's producers have less specialization compared to producers in the exporting nations 
• D) if that nation's producers have low labour productivity compared to producers in the exporting nations

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Definitions:

Compensation

Payment or remuneration given to someone in exchange for loss, damage, or suffering.

Partial Performance

Completion of only part of the obligations specified in a contract, which may affect the enforceability or terms of the contract.

Lost Profits

Financial gains that were expected but not realized due to the wrongful acts of another party.

Breach of Contract

The failure to fulfill the terms agreed upon in a contract, whether by not performing duties, providing defective goods, or any other non-compliance.