In Terms of Industrial Policy, Clusters Refer To

question 33

Multiple Choice

In terms of industrial policy, clusters refer to:

• A) networks of interdependent firms, universities, and businesses that focus on production of a specific type of good.
• B) firms in an economy that are so interconnected they all fail when just one fails.
• C) groups of underperforming industries.
• D) the industries supported in a country practicing import substitution policy.

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Definitions:

Final Customer

The end-user or consumer who purchases a product or service for their own use, as opposed to purchasing for resale or manufacturing purposes.

Non-financial Measures

Performance indicators not expressed in monetary units but qualitatively, such as customer satisfaction or employee engagement.

Operational Level

Pertains to day-to-day activities and decisions within an organization that ensure tasks and operations are performed efficiently.

Profit Principle

The concept that business operations should aim to maximize earnings over costs.