Specialization and international trade between individuals or between nations leads to
A. greater self-sufficiency.
B. higher product prices.
C. higher total output.
D. higher utilization of resources.
Answer: C
You might also like to view...
The concept of "demand" in economics refers to
A) the different quantities of a good or service people will buy at different possible prices. B) the different types of goods and services that people of different income levels want to buy. C) how changes in the prices of all goods affect people's buying behavior. D) changes in people's consumption behavior over time.
In “How the Great Recession Was Brought to an End,” Alan S. Blinder and Mark Zandi wrote that the actions taken by today’s policymakers
a. were the same as those of the early years of the Great Depression. b. are similar to those of the early years of the Great Depression. c. stand in sharp contrast to those of the early years of the Great Depression. d. are slightly different than those of the early years of the Great Depression.
Which of the following common experiences provides support for the notion of diminishing marginal utility?
a. regret after switching b. satisfaction after recreation c. debt after spending d. fullness after eating
In the inverted-U theory of R&D:
A. process innovation and product innovation are inversely related. B. technological change is inversely related to scientific discovery. C. R&D expenditures rise continuously as a percentage of firms' sales as industry concentration rises. D. R&D expenditures first rise as a percentage of firms' sales as industry concentration increases, but then fall as higher industry concentration occurs.