Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy
B. international trade
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Division of labor has caused output to rise dramatically since the industrial revolution.
Answer the following statement true (T) or false (F)
A four-firm concentration ratio measures
A) the price elasticity of demand in an industry. B) the price elasticity of demand among the four largest firms in an industry. C) the extent to which industry sales are concentrated among the four largest firms in the industry. D) the number of firms in an industry.
In the short run, a decrease in the market demand will cause a perfectly competitive firm to ________ production and ________.
A) decrease; earn economic profit B) increase; incur economic losses C) decrease; incur economic losses D) increase; earn economic profit
What does intra-industry trade create for the consumer?
a. greater variety of goods and lower costs b. greater variety of goods and higher costs c. lower variety of goods and lower costs d. lower variety of goods and higher costs