Specialization should increase total output in the world economy if nations focus on producing goods and services:

Question

Quizplus · Accepted Answer

Specialization increases total output when nations focus on producing goods and services that their resources can produce most efficiently. This is based on the principle of comparative advantage, where countries benefit from trading by specializing in the production of goods they can produce at a lower opportunity cost compared to others.

Specialization Should Increase Total Output in the World Economy If