Specialization Increases Total World Output

question 28

True/False

Specialization increases total world output.
Increased total world output occurs since trade allows each country to produce at a lower opportunity cost,boosting overall production and incomes.

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Definitions:

American Psychological Association

A professional organization representing psychologists in the United States, which sets ethical guidelines and standards for psychological research and practice.

Bar Charts

Bar charts are a type of graphical representation used to display and compare the frequency, amount, or other measure for different categories using bars.

Frequency Polygons

A graphical display of statistical data to show the distribution of values using lines that connect points representing the frequencies of categories.

Variability

Describes how spread out or scattered the data points are in a dataset.