A society could achieve a higher level of production if ________.
A. it does not have taxes on imported goods
B. each person in the society is a jack-of-all trades
C. each person specializes according to their comparative advantage
D. it does not trade with other nations
Answer: C
You might also like to view...
The productivity of workers in an economy is high if:
A) the economy has a negative rate of inflation. B) the economy has low capital stock. C) the economy has high levels of human capital. D) the economy has a large working age population.
The figure above shows supply curves for soft drinks. Suppose the economy is at point a. An increase in the number of suppliers would be shown as a movement from point a to a point such as
A) none of the points that are illustrated. B) point b. C) point c. D) point d.
For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. As the market price of this good increases, the quantity produced by this seller will ________.
A. increase B. stay the same until the price rises above $6 per unit, and then it will increase C. decrease D. stay the same
In industries where government regulates price, individual firms often engage in product differentiation.
Answer the following statement true (T) or false (F)