World Output Will Be Maximized If Each Country

question 49

Multiple Choice

World output will be maximized if each country:

• A)attempts to be self-sufficient.
• B)specializes in producing those goods in which it has a comparative advantage.
• C)specializes in producing those goods in which it has an absolute advantage.
• D)reduces its consumption possibilities.
• E)equals their consumption possibilities.

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Definitions:

Frozen Food

Food that has been subjected to freezing and is stored at extremely low temperatures to preserve its freshness, taste, nutritional value, and shelf life.

Opportunity Cost

The financial impact of rejecting the subsequent preferable alternative while deciding.

Housework

Tasks and chores done to maintain household operations, including cleaning, cooking, and home maintenance.

Work Force

The total number of people available to work, including both the employed and those seeking employment in a particular country or region.