Specialization occurs when each individual,firm,or country ________.
A) produces only a few specific goods and relies on trade for the other goods and services it needs
B) is self-sufficient and produces all goods and services it needs, without relying on imports
C) produces only those goods for which it has a higher opportunity cost of production than that for other nations
D) produces only those goods which are in demand in the global market and allow for high rates of profitability
Correct Answer:
Verified
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Q70: Which of the following statements is true?
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Q71: The following figure depicts the production possibilities
Q72: Scenario: Meryl and Steve are two classmates
Q74: The following figure shows the production possibilities
Q75: The following figure shows the production possibilities
Q76: Which of the following statements is true?
A)
Q77: The following figure depicts the production possibilities
Q78: The following figure shows the production possibilities
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