Which of the Following Would NOT Occur If Each Person

question 206

Multiple Choice

Which of the following would NOT occur if each person specializes in the good for which they have a comparative advantage?

• A) Each person's production possibilities frontier will shift outward.
• B) Total production in the economy will increase.
• C) Everyone can be better off with specialization and trade.
• D) The size of the economic pie will increase.

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Definitions:

Illegal

Refers to actions that are prohibited by law or unauthorized by legal authority.

Regulatory

Pertaining to the process of establishing and enforcing rules and standards by government or organizational authorities.

Michigan Licensing Requirements

refers to the specific qualifications and criteria set by the state of Michigan for the issuance of professional licenses.

Mirror Image

A principle in contract law that requires the terms of the acceptance to exactly match the terms of the offer.