A Country That Has a Lower Opportunity Cost of Producing

question 166

Multiple Choice

A country that has a lower opportunity cost of producing a good:

• A) has a comparative advantage.
• B) can produce the good using fewer resources than another country.
• C) requires fewer labor hours to produce the good.
• D) all of the above.

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Definitions:

Minority Influence

The process by which a smaller part of a group changes the beliefs or behaviors of the majority, often through consistency, commitment, and flexibility.

Self-Confident

Pertains to a state of being secure in oneself and one's abilities.

Groupthink

A psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Harmony

The combination of simultaneously sounded musical notes to produce chords and chord progressions having a pleasing effect.