If There Are Big Gains to Be Had from Specialization

question 141

Multiple Choice

If there are big gains to be had from specialization and trade,why doesn't every country produce just one good?

• A)Specialization is limited by trade agreements.
• B)No national economy is a perfectly free market.
• C)There is no perfectly free trade between national economies.
• D)All of these are true.

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Definitions:

Profitable Business Model

An organizational strategic plan that outlines how a company creates, delivers, and captures value in a way that will generate profits.

Temporary Venture

A project or enterprise established for a limited time period, focusing on achieving a specific goal or fulfilling a particular market need.

Start-up

A young company founded to develop a unique product or service and bring it to market.

Lean Start-ups

A business approach focusing on minimal viable products, rapid prototyping, and iterative development to efficiently test and develop market-fit solutions.