A Country Currently Is Using All Its Land to Produce

question 112

Multiple Choice

A country currently is using all its land to produce wheat and grapes.However,the land most suited to growing grapes is being used to produce wheat,and the land most suited to growing wheat is being used to produce grapes.This is an example of

• A) increasing opportunity costs
• B) involuntary unemployment
• C) productive inefficiency
• D) central planning
• E) communal ownership

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Definitions:

Product Knowledge

Understanding and information regarding a product’s features, benefits, usage, and application.

Evoked Set

The group of brands or products an individual considers as options in a purchase decision.

Inept Set

A group of products or brands a consumer is aware of but deliberately chooses to avoid.

Heuristic

A problem-solving strategy that employs a practical approach or shortcut, which is not guaranteed to be perfect, but sufficient for reaching an immediate goal.