Which best explains how trade enables greater specialization among producers?
Trade allows people to focus on one kind of production and trade for their other needs
.
Which of the following best explains how trade enhances efficiency?
Which best explains how trade enhances efficiency?
Trade gets productive resources from one place to another where they’re more needed
.
Which benefit is the result of specialization quizlet?
The advantages of specialization are that
production levels will increase, workers can become quicker at producing goods
, workers’ specific skills will improve, etc. Using examples from a hypothetical business, distinguish between normal and economic profits.
Which benefit is a result of specialization?
Benefits of specialization include
greater economic efficiency, consumer benefits, and opportunities for growth for competitive sectors
. The disadvantages of specialization include threats to uncompetitive sectors, the risk of over-specialization, and strategic vulnerability.
Which benefit is the result of trade increased efficiency control of the business cycle incentive to work harder development of new markets?
Trade
enables producers to open up new markets for their goods and services
. Trade requires distribution networks and adds one more step to the production process.
Which is one of the main causes of inflation?
The main causes of inflation are either
excess aggregate demand (AD)
(economic growth too fast) or cost-push factors (supply-side factors).
Which of the following is an example of protectionist trade policy?
When a government legislates policies to reduce or block international trade it is engaging in protectionism. Protectionist policies often seek to shield domestic producers and domestic workers from foreign competition.
The Trump Administration’s tariffs on steel and aluminum in
2018 are a recent example.
What are the opportunity costs faced by every society?
The opportunity cost of a choice is
the value of the best alternative given up
. Scarcity is the condition of not being able to have all of the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.
What are the four qualities of a market economy?
- Private Property.
- Economic Freedom.
- Consumer Sovereignty.
- Competition.
- Profit.
- Voluntary Exchange.
- Limited Government Involvement.
Which of the following are benefits of international trade quizlet?
Increased specialisation, economies of scale
, greater efficiencies in production, acquisition of needed resources, increased competition, technological advances and expanding markets, all made possible by international trade, contribute to increases in domestic output, and therefore to greater economic growth.
What is the best example of specialization?
If, for example, a country can
produce bananas
at a lower cost than oranges, it can choose to specialize and dedicate all its resources to the production of bananas, using some of them to trade for oranges.
What is gain from specialization?
The benefits of specialization include a
larger quantity of goods and services that can be produced
, improved productivity, production beyond a nation’s production possibility curve, and finally, resources that can be used more efficiently.
Is specialization good or bad?
While early sport specialization can help with skill development, it can also
be detrimental in developing
overall athleticism. An increased amount of volume of one specific movement while the body is growing can lead to imbalanced development a higher chance of overuse injury.
Which of the following is one result of international trade?
Which is one result of international trade?
Trade creates new markets
. Which best explains the purpose of protectionist trade policies such as tariffs and subsidies? They allow producers to sell their products more cheaply than foreign competitors.
Which comes after a period of recession in the business cycle?
after the period of recession the
economy begins to recover
. Businesses begin to expand their activities. Additional workers are hired and unemployment declines. It leads to higher levels of consumer spending and further expansion of employment, output and consumption.
Which of the following is a demand factor in economic growth?
The correct answer is d)
An increase in total spending in the economy
.
