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Which of the Following Best Explains the Term "Specialization" with Respect

Question 171

Multiple Choice

Which of the following best explains the term "specialization" with respect to trade?


A) Specialization occurs when a people concentrate their productive resources on the goods and services they can produce most efficiently.
B) Specialization occurs when one person can produce more of a particular good than another person.
C) Specialization refers to the absolute advantage that a person enjoys in the production of goods and services.
D) Specialization refers to the ability of a person to produce more of a good than his or her trading partners.

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