Which of the Following Statements Is True

question 140

Multiple Choice

Which of the following statements is true?

• A) If a nation can produce more of a good than another nation can, it has a comparative advantage in the production of that good.
• B) Comparative advantage results from a lower opportunity cost of production.
• C) Absolute advantage results from having more resources.
• D) Absolute advantage means that an individual or country can produce more of a particular good than can any other individual or country.

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Definitions:

Marketing Mix

A combination of factors that can be controlled by a company to influence consumers to purchase its products, typically described as the 4Ps: Product, Price, Place, and Promotion.

Targeted Buyers

A specific group of consumers identified as potential purchasers of a product or service based on demographics or interests.

Technical Feasibility

Technical feasibility assesses whether a proposed project or system can be implemented with current technology and resources, ensuring it is practical from a technical standpoint.

New-product Development Process

A series of stages including ideation, design, development, and marketing that businesses follow to bring a new product to the market.