Specialization in production is beneficial because
a. it allows everyone to have a job that they like.
b. it permits people to expand production and achieve rates of output that would otherwise be unattainable.
c. it allows everyone to be self-sufficient.
d. it eliminates the need for the division of labor.
B
You might also like to view...
The first fundamental theorem of welfare economics states that
A) under certain conditions, a competitive equilibrium is Pareto optimal. B) a competitive equilibrium is always Pareto optimal. C) under certain conditions, a Pareto optimum is a competitive equilibrium. D) a Pareto optimum is always a competitive equilibrium.
Karl Marx believed that the entrepreneur derived his profit from __________________.
Fill in the blank(s) with the appropriate word(s).
An elasticity of 0.75 means that a 1% change in price will lead to a ____% change in quantity demanded.
A. 0.25 B. 0.75 C. 2.5 D. 7.5
If 1 dollar is equal to 5 Swedish kroner, the dollar price of a kroner is
A. $.20. B. $1.20. C. $.50. D. $.05.