Specializing in the Production of a Good or Service in Which

question 200

Multiple Choice

Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?

• A)never have to engage in trade with other nations
• B)increase the variety of products that it can produce with a decrease in resources
• C)consume a combination of goods that lies outside its own production possibilities frontier
• D)produce a combination of goods that lies outside its own production possibilities frontier

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Definitions:

Gainsharing Programs

Employee incentive plans that provide a share of the company’s profits based on performance metrics.

Scientific Management

A management theory developed by F.W. Taylor aiming at improving economic efficiency and labor productivity through systematic study of work methods and processes.

Workplace Flexibility

An arrangement in a work environment that allows employees to have variable work hours, locations, or job duties to balance their work and personal life efficiently.

Technology-Driven Economy

An economy heavily influenced by technological innovation, automation, and the digital sector's growth.