Automobiles and Many Other Products Are Differentiated

question 127

Multiple Choice

Automobiles and many other products are differentiated.As a result

• A)different countries may each have a comparative advantage in producing different types of automobiles.
• B)consumers of automobiles have difficulty deciding what type of imported automobile to buy.
• C)the quality of imported automobiles is less than it could be.
• D)we see countries specializing completely in the production of automobiles.

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Definitions:

Mental Set

A psychological tendency to approach situations in a certain way based on previous experiences and perceptions.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used.

Administrative Processes

Procedures and practices involved in running an organization, including planning, organizing, staffing, directing, and controlling.

Algorithm

A step-by-step procedure or formula for solving a problem, often used in computing and mathematics.