QUIZ 2
Quiz
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Business
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University
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Practice Problem
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Hard
Jan Dizon
Used 4+ times
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12 questions
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1.
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1 min • 1 pt
It is the concept of exchanging goods and services between two people or entities
2.
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1 min • 1 pt
He is recognized as the founder of modern economics; hence, considered as the father of economics
3.
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1 min • 1 pt
An advantage that can produce a good or service better, faster, more efficiently, at a greater volume, and with fewer resources than others.
4.
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1 min • 1 pt
mercantilism is also known as?
5.
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1 min • 1 pt
The transition from local economies to national economies, from feudalism to capitalism, and from a rudimentary trade to a globally larger international trade.
6.
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1 min • 1 pt
A theory that is based on a country's production factors-land, labor, and capital; hence, the theory is also called the factor proportions theory or the resources and trade theory.
7.
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1 min • 1 pt
An advantage which means a producer can produce a good or service at a lower opportunity cost than others.
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