The Law of Increasing Opportunity Costs Limits International Specialization

question 174

True/False

The law of increasing opportunity costs limits international specialization.

---

Definitions:

Outsourcing

The practice of hiring third parties to perform services or produce goods traditionally done in-house, often to cut costs.

Descriptive Statistics

Statistical methods used to summarize, show, and analyze data sets, typically through measures of central tendency and variability.

Frequency Distribution

A summary of how often different values occur in a dataset, often visualized through histograms or tables.

Categorical Data

Data that represent characteristics and can be divided into groups or categories that do not have a numerical value or order.