Table 3-5 Assume That England and Spain Can Switch Between Producing Cheese

question 157

Multiple Choice

Table 3-5
Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.

-Refer to Table 3-5.Spain should export

• A) cheese and import bread.
• B) bread and import cheese.
• C) both goods and import neither good.
• D) neither good and import both goods.

---

Definitions:

Triggering Event

A specific event or occurrence that sparks the entrepreneur to proceed from thinking to doing.

Entrepreneurship Process

The stage of a business’s life that involves innovation, a triggering event, and implementation of the business.

Innovative Idea

A novel concept or solution that addresses specific challenges or creates new opportunities, often leading to the development of new products, services, or processes.

Innovation Phase

A stage in the product development process where new ideas are generated, prototypes are developed, and new products are introduced to the market.