Scenario 4-1 In a Given Year, Country a Exported $12 Million Worth

question 34

Multiple Choice

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-What do you mean by the term 'free market'?​

• A)​It refers to the process whereby buyers and sellers interact or trade under government regulation.
• B)​It refers to the process whereby buyers and sellers voluntarily interact or trade without any interference or restrictions.
• C)​It refers to a market where buyers and sellers pay for goods and services in kind and not in cash.
• D)​It refers to a market where assets are traded after they have been sold in the primary market.
• E)​It refers to a market where the demand for the product being traded is not affected by a change in the price of the product.

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Definitions:

SD Card

stands for Secure Digital Card, a portable storage device used in cameras, smartphones, and other gadgets for data storage.

Connectivity Port

A port that enables a computing device to be connected to other devices or systems such as networks, modems, and the Internet.

Phone Jack

A socket used to connect a telephone to the telecommunications network, facilitating voice communication over long distances.

Technology

Technology encompasses the collection of techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation.