Factors Tend to Be Specific to Certain Uses and Products

question 21

Multiple Choice

Factors tend to be specific to certain uses and products

• A) in capital-intensive industries.
• B) in labor-intensive industries.
• C) in the short run.
• D) in countries lacking fair labor laws.
• E) in countries lacking comparative advantage.

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Definitions:

Utility Function

A mathematical representation of how different bundles of goods or services relate to an individual's level of satisfaction.

Poker Hand

A combination of five cards that are ranked based on specific game rules used in the game of poker to determine the winner.

Recession Risk

The probability of an economy experiencing a period of negative growth, leading to a decrease in employment, income, and production.

Department Stores

Large retail establishments that offer a wide variety of goods divided into departments for shoppers.