TABLE 1.1 Use the Information in the Table to Answer the Following

question 25

Multiple Choice

TABLE 1.1
Use the information in the table to answer the following question(s) .

-Refer to Table 1.1. A production unit in Austria has a/an ________ over a production unit in Russia in ________.

• A) absolute disadvantage; digital cameras
• B) absolute disadvantage; snowboards
• C) absolute advantage; both cameras and snowboards
• D) none of the above

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Definitions:

Demand for Labor

The total demand for workers in an economy, which is influenced by wages, productivity, and the overall level of economic activity.

Price of Product

The amount of money required to purchase a good or service, determined by factors like cost of production, competition, and demand.

Technological Change

The overall process of invention, innovation, and diffusion of technology or processes.

Margin

The difference between the cost of a product and its selling price, or the difference between any two indicators in finance.