QUIZ 2

QUIZ 2

University

12 Qs

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QUIZ 2

QUIZ 2

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

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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