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:

Berlin Wall

A fortified barrier that divided Berlin from 1961 to 1989, built by the German Democratic Republic (East Germany) to prevent East Germans from fleeing to West Berlin and West Germany.

East Germany

Officially the German Democratic Republic (GDR), a state that existed from 1949 to 1990 in the eastern part of Germany, established after World War II and during the Cold War.

CIA

The Central Intelligence Agency, a civilian foreign intelligence service of the federal government of the United States, tasked with gathering, processing, and analyzing national security information.

Chemical Weapons

Weapons that utilize toxic chemicals to inflict harm or death upon enemy forces or civilians, banned under various international laws and treaties due to their brutal nature.