Specialization and Trade Can _____ the Per-Unit Cost of Production

question 164

Multiple Choice

Specialization and trade can _____ the per-unit cost of production because _____ .

• A) decrease; it allows for more small-scale production.
• B) decrease; it creates economies of scale associated with large-scale production
• C) increase; it requires more expensive, specialized equipment
• D) increase; more expensive labor is needed.

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Definitions:

Wage Earner

Refers to an individual who receives a regular salary or wages, typically in exchange for providing labor to an employer.

Preschool Children

Refers to young children, typically aged between 2 and 5 years, who are in the initial stages of formal education prior to attending kindergarten.

Achieved Status

A social position that a person gains as a result of personal effort, talent, or accomplishment, rather than by virtue of birth.

Monogamy

A relationship structure where an individual has only one partner during their lifetime or at any one time (serial monogamy).