In 2016, the Eight Largest Export Nations Accounted for Approximately

question 67

Multiple Choice

In 2016, the eight largest export nations accounted for approximately: what percentage of world exports, as of 2016.Use Image 17.1 Global Perspective.

• A)47.4 percent of world exports.
• B)32.2 percent of world exports.
• C)75 percent of world exports.
• D)80 percent of world exports.

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Definitions:

Absolute Advantage

The ability of an individual or country to produce more of a certain good compared to another individual or country using the same amount of resources.

Specialization

The process of focusing efforts and resources on a limited range of activities, goods, or services to gain efficiency, expertise, or productivity.

Productivity

A measure of the efficiency of production, often quantified as the ratio of output to inputs in the production process.

Total Production

The total output of goods or services produced by an individual or organization over a specific period.