Which of the Following Is True with Respect to Specialization

question 174

Multiple Choice

Which of the following is true with respect to specialization?

• A) Adam Smith in The Wealth of Nations referred to specialization and division of labor.
• B) With a given set of resources, specialization results in higher output.
• C) Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization.
• D) All of the above are correct.

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Definitions:

Technological Determinism

The theory that technology shapes and determines the development of human social structure and cultural values.

Normal Accidents

The concept that in complex systems, accidents are unavoidable and inherent due to the intricate interactions and dependencies of system components.

Capital Investment

Money spent by a business entity to acquire or upgrade physical assets such as property, industrial buildings, or equipment to increase its long-term revenue.

Technical Experts

Individuals possessing specialized knowledge or skills in a specific field or technology, often consulted for their expertise.