Which of the Following Statements Is True for a Business

question 57

Multiple Choice

Which of the following statements is true for a business cluster?

• A)It refers to the geographic concentration of business initiatives, suppliers, and associated institutions in a particular field.
• B)It refers to the virtual concentration of manufacturers, dealers, and distributors dealing with the same product.
• C)It refers to the categorization of countries similar in economic status and dealing with similar financial issues.
• D)It refers to the regional concentration of customers who make the same social and cultural references while evaluating products.
• E)It refers to a conglomeration of organizations who share cutting-edge technology and latest business practices for mutual benefit.

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Definitions:

Absolute Advantage

A scenario in which a country can produce a particular good or service more effectively than another country with the same amount of resources.

Comparative Advantage

an economic principle that posits a country or entity can produce a particular good or service at a lower opportunity cost than its trading partners, leading to beneficial trade.

Medium Of Exchange

Anything that facilitates trade by being generally accepted by all parties in payment for goods or services.

Facilitates Trade

Actions or policies designed to make trade between countries or parties easier, typically through reducing barriers such as tariffs and quotas.