The Two Basic Approaches That a Country Can Take as a Means

question 30

Multiple Choice

The two basic approaches that a country can take as a means to achieve free trade are the

• A)unilateral approach and the multilateral approach.
• B)short-run approach and the long-run approach.
• C)continental approach and the global approach.
• D)industry approach and the security approach.

---

Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs, highlighting the trade-offs in production levels between two commodities.

Fully Employed Resources

A situation in which all available labor and capital resources are being used in the most economically efficient way.

Economic Growth

The increase in a country's output of goods and services over time, indicated by a rise in real GDP.

Poor Countries

Nations with low levels of economic productivity, low living standards, and low levels of human development indices compared to other countries.