Total Output in an Economy Increases When Each Person Specializes

question 61

Multiple Choice

Total output in an economy increases when each person specializes because

• A)there is less competition for the same resources.
• B)each person spends more time producing that product in which he or she has a comparative advantage.
• C)a wider variety of products will be produced within each country due to specialization.
• D)government necessarily plays a larger role in the economy due to specialization.

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Definitions:

Functionalism

Functionalism is a theoretical perspective in sociology and anthropology that interprets each part of society in terms of how it contributes to the stability of the whole society.

Conflict Theory

A sociological perspective that focuses on the tensions, struggles, and conflicts that arise from inequalities within society.

Canadian Pension

A retirement plan funded by the government of Canada, designed to provide financial support to its citizens during retirement.

Old Age Security

A government-provided pension plan in several countries designed to provide income support to the elderly.