The Producer That Requires a Smaller Quantity of Inputs to Produce

question 36

Multiple Choice

The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good,

• A)has a low opportunity cost of producing that good, relative to the opportunity costs of other producers.
• B)has a comparative advantage in the production of that good.
• C)has an absolute advantage in the production of that good.
• D)should be the only producer of that good.

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Definitions:

Ethical Dilemma

is a situation in which a decision must be made between two or more morally acceptable courses of action that are in conflict.

Cultural Relativism

Understanding a person's behavior and convictions should be done by considering them within the framework of their unique cultural context.

Ethical Behaviour

The practice of conducting oneself according to recognized moral principles, ensuring actions are right and good.

Cultural Context

The social, religious, economic, and political conditions that affect the interpretation and implementation of ideas, behaviors, and communications.