Increases in Total Output Realized When Individuals Specialize in Particular

question 166

Multiple Choice

Increases in total output realized when individuals specialize in particular tasks and trade are known as:

• A)the gains from trade.
• B)the profits obtained from sales of a good or service.
• C)marginal analysis.
• D)a trade-off.

---

Definitions:

Budgets

Financial plans that outline expected income and expenditures over a specific period, often used by individuals, businesses, and governments.

United States Office of Management and Budget

An executive branch office responsible for preparing the federal budget and overseeing its administration in U.S. government agencies.

United States Congress

The bicameral legislative body of the federal government of the United States consisting of two chambers: the Senate and the House of Representatives.

United States Congress

The national federal legislative body of the United States consisting of two chambers: the Senate and the House of Representatives.