Suppose That the Nation of Rubium Has a Comparative Disadvantage

question 87

Multiple Choice

Suppose that the nation of Rubium has a comparative disadvantage in the production of cocoa. Rubium should:

• A) import cocoa.
• B) produce cocoa for domestic consumption only.
• C) produce cocoa for export only.
• D) specialize in the production of cocoa in an attempt to increase productive efficiency.

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Definitions:

Idea Screening

The stage of new-product development in which the firm evaluates ideas to determine their fit within the new-product strategy.

Product Development

Product development is the complete process of bringing a new product or service to market, from idea conception, through design and manufacturing, to the final release and marketing.

New-Product Strategy Development

The stage of new-product development in which the company determines the direction it will take when it develops a new product.

Marketing Plan

An action-oriented document or playbook that guides the analysis, implementation, and control of the firm’s marketing strategy.