Several New Players Have Significantly Expanded Their Share of World

question 118

Multiple Choice

Several new players have significantly expanded their share of world trade.These nations are:

• A)China, Taiwan, Malaysia, and Indonesia.
• B)China, Singapore, South Korea, and Taiwan.
• C)North Korea, China, Hong Kong, and Cambodia.
• D)Japan, China, South Korea, and Taiwan.

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Definitions:

Fixed Input

Inputs used in production that cannot be varied in the short term, such as buildings or machinery.

Plant Size

The physical capacity or dimensions of a manufacturing facility.

Implicit Costs

They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.

Economic Costs

The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.