If the Opportunity Cost of Producing Cheese Is Higher in Greece

question 108

Multiple Choice

If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:

• A) Greece should specialize in producing cheese.
• B) Italy should specialize in producing cheese.
• C) both Greece and Italy should produce cheese.
• D) Greece gives up fewer goods to produce cheese than Italy does.

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Definitions:

Crisis Management

The process by which an organization deals with a disruptive and unexpected event that threatens to harm the entity or its stakeholders.

Contingency Plan

A strategy or plan developed to address unforeseen events or emergencies to minimize impact and ensure continuity of operations.

Vision

Ability to perceive marketplace needs and what an organization must do to satisfy them.

Focused

Concentrating on a specific task or goal with attention and effort.