According to the Principle of _____,A Country That Decides to Specialize

question 31

Multiple Choice

According to the principle of _____,a country that decides to specialize in the production of a particular product must sacrifice the production of another product.

• A)comparative advantage
• B)absolute advantage
• C)cross-production
• D)opportunity cost

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Definitions:

Supervisory Direction

Guidance and oversight provided by supervisors to ensure tasks and activities are completed according to organizational standards.

Assembly Plant

A manufacturing facility where various components of a product are put together to form a final product.

Contingency Approach

A management theory that suggests the best way to manage an organization depends on the specific circumstances of the situation.

Organizational Design

The process of structuring an organization's roles, responsibilities, and resources to achieve its goals efficiently.