The Degree of a Factor's Specificity Is Directly Related to

question 9

Multiple Choice

The degree of a factor's specificity is directly related to

• A) the amount of time required to redeploy the factor to a different industry.
• B) the cost of the factor as a proportion of the long-run total cost of production.
• C) the mobility of the factor, with more mobile factors having more specificity.
• D) technology differences between two countries, with a more advanced technology resulting in more factor specificity.
• E) factor quality, with higher quality factors having a higher level of specificity.

---

Definitions:

No Government

A situation or theoretical scenario where there is an absence of government and its governing bodies in a society.

GDP per Capita

GDP per capita is a measure that divides a country's gross domestic product by its population, reflecting the average economic output per person.

Command Economy

An economic system where the government makes all decisions on the production and consumption of goods and services.

Command Economy

An economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services.