If People Stand to Produce at Lower Cost When Specializing

question 65

Multiple Choice

If people stand to produce at lower cost when specializing and producing in larger quantities

• A) they cannot gain from trade because each one is just as potentially productive as another.
• B) they cannot gain from trade because most people's wants can be easily satisfied with what they can produce themselves.
• C) they cannot gain from trade if they have similar tastes.
• D) they can gain from trade by specializing and increasing productivity.

Comprehend the process and importance of innovation in business.

Analyze the effects of generational cohorts on market trends and organizational strategies.

Grasp the concept and implications of offshoring and reshoring in the global business environment.

Recognize the relevance of diversity issues within the socio-cultural conditions of the business environment.

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Definitions:

Group Boundaries

The invisible lines that define the limits and rules for membership, behavior, and roles within a team or organization.

Rewards

Benefits or compensations received as recognition for achievements, service, or skilled behavior.

External Adaptation

The process by which an organization adjusts and evolves in response to changes in its external environment.

Role Modeling

The process by which individuals influence others by exemplifying behaviors, attitudes, or values to be emulated.