World Output of Goods and Services Increases with Specialization Because

question 94

Multiple Choice

World output of goods and services increases with specialization because

• A)The world's resources are being used more efficiently.
• B)Each country's production possibilities curve shifts rightward.
• C)Each country's workers are willing to work harder than they did before specialization.
• D)The world's workers are more educated than before specialization.

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Definitions:

World Trade

The exchange of goods and services across international borders, influenced by global agreements, tariffs, and economic policies.

International Trade Partner

A country or entity with which another country exchanges goods and services across international borders.

Currency Imbalances

Situations arising from disproportionate levels of supply and demand in different countries, leading to destabilizing fluctuations in exchange rates.

World Trade Flows

The movement or exchange of goods, services, and capital across international borders, influenced by global supply and demand dynamics.