When a Country Has the Ability to Produce More of a Good

question 130

Multiple Choice

When a country has the ability to produce more of a good than others with a given amount of resources,they:

• A) have an absolute advantage.
• B) have a comparative advantage.
• C) are free-traders.
• D) should remain self-sufficient.

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Definitions:

Corporate Strategy

A strategy that sets long-term direction for the total enterprise.

Business Strategy

A strategy that identifies how a division or strategic business unit will compete in its product or service domain.

SBU

Acronym for Strategic Business Unit, a separately managed division or unit of a company that has its own mission, objectives, and competitors.

Means-end Fashion

A logical manner of thinking that focuses on achieving specific outcomes through the most efficient use of resources or actions.