Outward-oriented growth strategies place main emphasis on
A) the allocation of resources according to the principle of absolute advantage
B) the allocation of resources according to the principle of comparative advantage
C) the principle of strategic trade policy
D) the principle of industrial policy

Question

Quizplus · Accepted Answer

Outward-oriented growth strategies prioritize the allocation of resources according to the principle of comparative advantage. This means that a country should focus on producing and exporting goods and services that it can produce more efficiently and effectively than other countries, while importing goods and services that it cannot produce as efficiently. This strategy is believed to promote economic growth by allowing countries to specialize in the production of goods and services where they have a comparative advantage, and benefiting from increased trade and competition.

Outward-Oriented Growth Strategies Place Main Emphasis on