Multiple Choice
Why is specialization so advantageous to trade? I. Through specialization, people and firms can achieve economies of scale. II. Through specialization, people and firms can use specialized machinery and techniques. III. Trade exists only between people and firms that have complete specialization in the goods they are best at producing.
A) I only
B) I, II, and III
C) I and III only
D) I and II only
Correct Answer:
Verified
Correct Answer:
Verified
Q12: On a production possibilities frontier a trade-off
Q68: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3375/.jpg" alt=" Reference: Ref 2-1
Q69: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3375/.jpg" alt=" Reference: Ref 2-3
Q71: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3375/.jpg" alt=" Reference: Ref 2-7
Q72: The production possibilities frontier has a negative
Q74: Which of the following is NOT true
Q76: A fundamental idea behind the production possibilities
Q78: Why does specialization become more profitable on
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Q210: A country has a comparative advantage in