Economists generally believe that a country should specialize in the production of a good or service if the:

Question

Quizplus · Accepted Answer

Economists believe that a country should specialize in producing a good or service if it can produce it while forgoing fewer alternative products than any other country. This is because the opportunity cost of producing the good or service is lower for that country, making it more efficient to produce it. The production possibility frontier does not necessarily determine whether a country should specialize because it only shows the maximum possible combinations of two goods that can be produced with the resources available in the economy.

Economists Generally Believe That a Country Should Specialize in the Production