A situation in which a country specializes in producing the goods it produces most efficiently and buys the products it produces less efficiently from other countries,even if it could produce the good more efficiently itself is referred to as:

Question

Quizplus · Accepted Answer

In a situation of comparative advantage, a country specializes in the production of goods and services it can produce more efficiently than other countries. This means that although the country may be able to produce other goods more efficiently, it chooses to import these goods from other countries where they can be produced more efficiently. This leads to increased trade and mutual benefits for all countries involved. The other options given are not accurate descriptions of this concept.

A Situation in Which a Country Specializes in Producing the Goods