-In Figure 1

question 32

Multiple Choice

-In Figure 1.1, which labeled point indicates that there are sufficient resources and technology to produce the combination of goods represented by that point?

• A)only A
• B)only B and C
• C)only D
• D)A, B and C

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade benefits.

Computers

Electronic devices capable of processing, storing, and communicating information according to a set of instructions called programs.

Comparative Advantage

The capability of a nation, person, corporation, or area to generate a product or service with a lesser opportunity cost compared to rivals.

Specializes

The process by which individuals, businesses, or countries focus on producing a limited scope of products or services to gain greater efficiency and expertise.