Complete the following using the terms listed.
-A country has _____ in the marketing of a product if it has a monopolistic position or it produces the product at the lowest cost.
A)offshoring
B)balance of trade
C)joint venture
D)Dumping
E)Imports
F)tariff
G)International Monetary Fund
H)World Trade Organization
I)free trade area
J)Devaluation
K)exchange rate
L)absolute advantage
M)global business strategy
N)Quota
O)multidomestic strategy
P)balance of payments
Q)comparative advantage

Question

Quizplus · Accepted Answer

The term "absolute advantage" refers to a country's ability to produce a certain product more efficiently or at a lower cost than any other country, therefore giving it an advantage in marketing that product.

Answer: Q
 "Comparative advantage" refers to a country's ability to produce a certain product at a lower opportunity cost than any other country, therefore making it more efficient to specialize in producing that product and trading with other countries.

Note: The other terms listed do not directly relate to a country's advantage in marketing a product.

Complete the Following Using the Terms Listed