By the 1980s, the Average Length of Time It Took

question 77

Multiple Choice

By the 1980s, the average length of time it took to develop and implement an administrative rule was approximately

• A)two weeks.
• B)six months.
• C)35 months.
• D)six years.

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Definitions:

PPCs (Production Possibility Curves)

Graphical representations that show the maximum possible output combinations of two goods that an economy can achieve when all resources are fully and efficiently utilized.

Specialization

The process of concentrating on and becoming expert in a particular subject or skill, often leading to increased efficiency and productivity.

Gains From Trade

The extra output that trading partners obtain through specialization of production and exchange of goods and services.

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than its competitors, leading to more efficient international trade.