According to the Principle of Comparative Advantage, a Nation Should

question 230

Multiple Choice

According to the principle of comparative advantage, a nation should specialize in economic activities

• A) that incur lower opportunity costs.
• B) that incur higher opportunity costs.
• C) for which it has an absolute advantage.
• D) for which it has no absolute advantage.

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Definitions:

Internal Control

Methods and protocols established by an enterprise to protect the veracity of its financial and accounting reports, support ethical conduct, and prevent malfeasance.

Electronic Funds Transfer

Electronic Funds Transfer (EFT) is the digital transfer of money from one bank account to another, either within the same financial institution or across different institutions.

Disbursement System

The system and processes involved in paying out money from an organization or fund.

Original Entry

The initial recording of a financial transaction in the accounting records or journal, marking the first stage in the accounting process.