Why is specialization in production beneficial?
What will be an ideal response?
It permits people to expand production and achieve rates of output that would otherwise be unattainable.
You might also like to view...
There are two equilibria in each of the following two-player games except
A) a prisoner's dilemma game. B) a pure coordination game. C) an assurance game. D) a battle of the sexes game.
If the economy is experiencing less than full-employment, the Keynesian model recommends that the government
a. do nothing to stimulate the economy. b. undertake expansionary fiscal policy to stimulate aggregate demand. c. undertake expansionary fiscal policy to stimulate aggregate supply. d. balance the budget to stimulate aggregate demand.
By definition, imports are
a. people who work in foreign countries. b. goods in which a country has an absolute advantage. c. limits placed on the quantity of goods leaving a country. d. goods produced abroad and sold domestically.
In the United States in 2015, purchases of capital equipment, inventories, and structures represented approximately
a. 3 percent of GDP. b. 7 percent of GDP. c. 15 percent of GDP. d. 17 percent of GDP.