Specialization and Trade Should Lead to All of the Following

question 93

Multiple Choice

Specialization and trade should lead to all of the following EXCEPT:

• A)individuals learning specific skills and earning a salary.
• B)a decrease in total economic output.
• C)higher living standards.
• D)the exchange of goods and services in markets.

---

Definitions:

Imports

Commodities or offerings sourced from outside the country and brought in for commercial sale or personal use.

European Union

A political and economic union of 27 European countries that participate in a standardized legal and regulatory system.

Free-Trade Zone

A specific region within a country where goods may be imported, handled, manufactured, or reconfigured, and re-exported without the intervention of customs authorities.

Quota

A quota is a government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a certain time period.