Post Utme Madonna University 2020 Commerce Question 26

Practice objective / multiple choice question 26 from the 2020 Post Utme Madonna University Commerce examination.

Post Utme Madonna University 2020 Commerce Objective / Multiple Choice
Question 26 POST_UTME_MADONNA_UNIVERSITY • 2020 • COMMERCE • objective

The concept of specialization in production is closely related to the idea of comparative advantage. Explain how a country can benefit from specializing in the production of a particular good, even if it is not the most efficient producer of that good.

Answer Options

A. By producing a good that is in high demand and has a high price elasticity of demand.
Correct Answer B. By producing a good that is in high demand and has a low price elasticity of demand.
C. By producing a good that is in low demand and has a high price elasticity of demand.
D. By producing a good that is in low demand and has a low price elasticity of demand.
Correct Answer
B
Correct Option:
By producing a good that is in high demand and has a low price elasticity of demand.

About This Question

This is Post Utme Madonna University 2020 Commerce Question 26. It is one of the objective questions from the 2020 Post Utme Madonna University Commerce examination.

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