A nation should acquire goods and services from those sources, foreign or domestic, which result in the lowest cost of its own resources. This statement exemplifies the principle of:

Question

Quizplus · Accepted Answer

The statement exemplifies the principle of Comparative Advantage, which suggests that nations should specialize in producing goods for which they have the lowest opportunity cost and trade for others, thereby maximizing economic efficiency and resource utilization globally.

A Nation Should Acquire Goods and Services from Those Sources