The Principal Concept Behind Comparative Advantage Is That a Nation

question 139

Multiple Choice

The principal concept behind comparative advantage is that a nation should:

• A) Maximize its volume of trade with other nations
• B) Use tariffs and quotas to protect the production of vital products for the nation
• C) Concentrate production on those products for which it has the lowest domestic opportunity cost
• D) Strive to be self-sufficient in the production of essential goods and services

---

Definitions:

Mission Statement

A formal summary that defines the core purpose, objectives, and values of an organization, guiding its actions and decisions.

Strategic Fit

The alignment between an organization's resources and capabilities with its external environment and strategic objectives, essential for achieving success.

Stewardship

Stewardship refers to the responsible management and caretaking of resources or duties, often highlighting an ethical commitment to sustainable practices.

Marketing Plan

A comprehensive document outlining an organization's marketing efforts, including strategies, target markets, and promotional tactics.