What Is One Advantage of Owning a Small Business

question 55

Multiple Choice

What is one advantage of owning a small business?

• A) depending on other locations for assistance
• B) the ability to serve specialized markets
• C) having more financial resources
• D) the avoidance of taxes

Identify the effects of specialization and trade on a country's production and consumption.

Analyze the impact of world price changes on imports and exports.

Distinguish between absolute and comparative advantage in international trade.

Recognize the fallacies associated with low-wage labor and its implications for trade.

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Definitions:

Pulsed Lavage

A medical procedure that uses a pulsed, pressurized stream of solution to clean wounds, aiding in the removal of debris and promoting healing.

Whirlpool

A water bath therapy equipment or a natural phenomenon creating a spinning current, used for therapeutic purposes or observed in natural bodies of water.

REM Rebound

The phenomenon of increased REM sleep phases after a period of REM sleep deprivation, often resulting in more vivid dreams.

REM Sleep

A stage of sleep characterized by rapid eye movements, increased brain activity, and vivid dreams.