A Country Has an Absolute Advantage in the Production of a Product

question 52

Multiple Choice

A country has an absolute advantage in the production of a product when it

• A) has the capability to produce the product within its boundaries.
• B) is more efficient than any other country in producing it.
• C) has the largest domestic demand for the product.
• D) has access to the raw materials needed to produce the product.

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Definitions:

Formal Education

Structured educational system that includes primary, secondary, and higher education institutions, typically following a standardized curriculum.

Locus Of Control

A person’s belief concerning the degree to which internal or external forces control his or her future.

High Need To Achieve

A psychological trait characterized by a strong desire to accomplish tasks and meet high standards of performance.

Entrepreneurial Personality

A set of personality traits or characteristics that are commonly found in successful entrepreneurs, such as risk-taking, creativity, and resilience.