There Are Two Goods, X and Y

question 9

Multiple Choice

There are two goods, X and Y. If the opportunity cost of producing good X is lower for Pam than for Gino, then

• A)Pam has an absolute advantage in the production of X.
• B)Gino has an absolute advantage in the production of Y.
• C)Pam has a comparative advantage in the production of X.
• D)Gino has a comparative advantage in the production of Y.
• E)C and D

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Definitions:

Reputational Objectives

Designed to change perceptions and rebuild reputations or trust after a crisis.

Strategic Plans

Detailed documents that outline an organization's goals, strategies for achieving them, and the resources required.

Develop Vision

A strategic process of setting the future direction and goals of an organization or project.

Customer Needs

The recognized necessities, desires, or preferences of consumers that a company aims to fulfill with its products or services.