Due to National Security or Product Scarcity, Some Governments Require

question 95

Multiple Choice

Due to national security or product scarcity, some governments require that organizations need to acquire a(n) _____, which refers to the permission to export goods.

• A)export declaration
• B)license
• C)letter of credit
• D)bill of lading
• E)customs invoice

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Definitions:

Factor of Production

An economic resource used in the production of goods and services, including labor, capital, land, and entrepreneurship.

Market

A group of buyers and sellers of a particular good or service.

Diminishing

A principle often referring to diminishing returns, where additional inputs result in progressively smaller increases in output.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.