Some Nations That Seek to Produce All of Their Own

question 37

Multiple Choice

Some nations that seek to produce all of their own needs face the problem that:

• A) some industries are too small to be efficient if restricted to their domestic markets alone.
• B) they can deplete their natural resources as a result.
• C) the opportunity cost of producing some of their own goods is lower than that of trading with others for them.
• D) they will not be able to satisfy the wants of all of their citizens.

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Definitions:

Standard Deviation

A statistical measurement that quantifies the variation or dispersion of a set of data points.

Intermediate Value

A mathematical concept stating that a continuous function must take on every value between any two values it assumes at any points in the domain.

Squared Values

Numbers that have been multiplied by themselves.

Cost-To-Benefit Analysis

A systematic approach to estimating the strengths and weaknesses of alternatives in terms of costs and benefits.