Table 2-11 Table 2-11 Shows the Number of Labor Hours

question 116

Multiple Choice

Table 2-11
Table 2-11 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
-Refer to Table 2-11. Does either China or South Korea have an absolute advantage and if so, in what product?

• A) South Korea only has an absolute advantage in wheat.
• B) China only has an absolute advantage in wheat.
• C) South Korea has an absolute advantage in both products.
• D) China only has an absolute advantage in digital cameras.

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Definitions:

Organizational Resources

The assets, capabilities, processes, information, and knowledge that an organization controls and can use to accomplish its goals and objectives.

Business Strategies

Comprehensive plans and actions that guide businesses in achieving their goals, responding to competitive environments, and fulfilling market demands.

Corporate Strategies

The comprehensive approaches that businesses adopt to achieve their long-term objectives and secure a competitive advantage.

Single-product Enterprises

Businesses that focus on the production, promotion, and sale of a single type of product.