The Accompanying Productivity Table Shows How Many Bushels of Either

question 187

Multiple Choice

The accompanying productivity table shows how many bushels of either wheat or rice can be produced in India and Canada with 1 unit of input. To achieve gains from specialization and trade,

• A)India should export rice to Canada and import Canadian wheat.
• B)India should export wheat to Canada and import Canadian rice.
• C)Canada should produce both wheat and rice and not trade with India.
• D)India cannot offer any benefits to Canada from trading with her.

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Definitions:

Pricing Strategy

An approach a business takes to set its products' or services' prices, considering factors like market demand, competition, cost, and desired profit margins.

Service Marketing Strategy

Approaches and methodologies used specifically for marketing services, focusing on the unique characteristics of services like intangibility and inseparability.

Inseparability

A characteristic of services that denotes the simultaneous production and consumption, meaning the service cannot be separated from its provider.

Off-Peak Pricing

Pricing strategy that offers lower prices during times of less demand to encourage usage or purchase during those times.