If a Country Has a Lower Opportunity Cost of Producing

question 78

Multiple Choice

If a country has a lower opportunity cost of producing oranges, then this is:

• A) inefficient resource use.
• B) an absolute advantage.
• C) a tariff.
• D) a comparative advantage.
• E) a situation where oranges should be imported.

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Definitions:

Volatility

Volatility refers to the degree of variation of a trading price series over time, typically measured by the standard deviation of returns.

Section Modulus

A geometric property of a cross section, relevant in the design and analysis of beams, that reflects its capacity to resist bending.

Tensile Strength

The highest stress that a material can withstand without separating; expressed in psi. In steels, tensile strength typically exceeds yield strength by about 10 percent.

Weld Profile

The shape, dimensions, and surface contour of a weld bead, which affects the quality and strength of the welded joint.