Specialization Occurs When Each Individual,firm,or Country ________

question 101

Multiple Choice

Specialization occurs when each individual,firm,or country ________.

• A) produces only a few specific goods and relies on trade for the other goods and services it needs
• B) is self-sufficient and produces all goods and services it needs, without relying on imports
• C) produces only those goods for which it has a higher opportunity cost of production than that for other nations
• D) produces only those goods which are in demand in the global market and allow for high rates of profitability

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Definitions:

Patent Application

A request pending at a patent office for the grant of a patent for the invention described and claimed by that application.

Patent Infringement

Occurs when a third party makes, uses, sells, offers to sell, or imports a patented invention without the patent owner’s permission.

Injunction

A court order compelling a party to do or refrain from specific acts, used to prevent harm or to preserve the status quo during litigation.

Damages

Financial compensation ordered by a court to be paid to an individual or entity as a remedy for harm or injury caused by another party's act or failure to act.