A nation's producers can compete effectively with imports from other nations if it has

Question

Quizplus · Accepted Answer

A nation's producers can compete effectively with imports from other nations if it has low labor cost per unit of output. This means that the cost of producing one unit of output in that nation is lower than the cost of producing the same unit of output in other nations. This can be achieved through various means such as better technology, efficient production processes, and economies of scale. High or low wages, less specialization, or low labor productivity alone may not be enough to make a nation's producers competitive in the global market.

A Nation's Producers Can Compete Effectively with Imports from Other