Location Decisions Are a Highly Important Part of Production System

question 19

Multiple Choice

Location decisions are a highly important part of production system design because: I.typically they are made rather frequently
II) they impact operating costs
III) they entail a high-cost,short-term commitment

• A)typically,they are made rather frequently
• B)they impact operating costs
• C)they entail a high-cost,short-term commitment
• D)mistakes can be easily overcome
• E)they are usually based on one single factor

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Definitions:

Specialization And Trade

The practice where individuals or entities focus on the production of specific goods or services to trade for other goods or services rather than producing everything they need by themselves.

Terms Of Trade

The ratio of an index of a country's export prices to an index of its import prices.

Bushel

A bushel is a unit of volume that is used for measuring agricultural commodities, with the exact weight varying by the type of commodity.

Lbs. Of Tea

This is not a key term in the context of economics or business; it refers to pounds of tea, a unit of measure for weight.