Specializing in the Production of a Good or Service in Which

question 200

Multiple Choice

Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?

• A)never have to engage in trade with other nations
• B)increase the variety of products that it can produce with a decrease in resources
• C)consume a combination of goods that lies outside its own production possibilities frontier
• D)produce a combination of goods that lies outside its own production possibilities frontier

---

Definitions:

Opportunity Cost

The price paid for not selecting the next preferable option when a choice is made.

Architectural Jobs

Employment positions focused on designing buildings and structures, ensuring they are functional, safe, and aesthetically pleasing.

Wage Rate

The fixed amount of money paid to an employee for work performed, typically expressed per hour or piece.

Bowed Out

describes a convex curve in economics, typically referring to an indifference curve or a production possibilities frontier, suggesting increasing opportunity costs.