According to Adam Smith, a Country Should Specialize in the Production

question 39

Multiple Choice

According to Adam Smith, a country should specialize in the production of a good when it has

• A) an absolute advantage in the production of the good.
• B) a strong domestic demand for the good.
• C) the ability to help country increase its national output.
• D) the necessary raw materials for production.

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Definitions:

SWOT Analysis

A strategic planning tool used to identify and assess an organization's Strengths, Weaknesses, Opportunities, and Threats.

Strategic Role

The function and importance of a particular activity or entity within the broader context of achieving long-term objectives.

Product Portfolio

The collection of all products or services offered by a company, considered especially in terms of their relative competitive positions and market appeal.

New-product Protocol

A guideline or plan that outlines the process of developing and launching a new product, including stages from initial idea generation to market launch.