Which of the Following Factor Endowments Would Be Classified as a Basic

question 85

Multiple Choice

Which of the following factor endowments would be classified as a basic factor by Michael Porter?

• A)Communication infrastructure
• B)Research facilities
• C)Natural resources
• D)Skilled labor
• E)Technological know-how

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Definitions:

Consumer Behavior

Consumer behavior is the study of how individuals make decisions to spend their resources on consumption-related items, including what, why, and how they buy.

Total Utility

The overall satisfaction or happiness derived from consuming a certain amount of goods or services.

Maximize

The process of increasing a particular outcome or value to its highest possible level given a set of constraints.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.