It Is Possible for a Nation Not to Have an Absolute

question 191

True/False

It is possible for a nation not to have an absolute advantage in anything, but it is not possible for one nation to have a comparative advantage in everything and the other nation to have a comparative advantage in nothing.

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Definitions:

NAFTA

The North American Free Trade Agreement, a treaty among the United States, Canada, and Mexico to reduce trading barriers and establish a trilateral trade bloc in North America.

Customer Needs

The requirements or desires that consumers expect products or services to fulfill.

Strategy Formulation

The method of determining the course of an organization and deciding on the distribution of its resources to follow that plan.