Multiple Choice
Which of the following is TRUE with respect to specialization?
A) Adam Smith in The Wealth of Nations referred to specialization and division of labor.
B) With a given set of resources, specialization results in higher output.
C) Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization.
D) All of the above are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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