If India Has an Absolute Advantage in Rug Production When

question 74

Multiple Choice

If India has an absolute advantage in rug production when compared to England, then:

• A) India should export rugs to England.
• B) England should export rugs to India.
• C) India uses fewer resources to produce rugs than England.
• D) England uses fewer resources to produce rugs than India.

Understand the use and benefits of virtual and wide area networks in connecting organizational resources.

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Understand the application and implications of computer viruses and security threats.

Identify the advantages of utilizing presentation and desktop publishing software for business communications.

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Definitions:

Consumer Goods

Products that are purchased for consumption by the average consumer, typically divided into durable goods, nondurable goods, and services.

Capital Goods

Physical assets used in the production of goods and services, such as machinery, buildings, and equipment.

Production Possibilities Curve

A graphical representation that shows the maximum combination of two goods or services that can be produced with a given set of resources and technology.

Scarce Resources

Natural, human, and capital resources that are limited in supply and available for the production of goods and services.