Specialization and Trade Are Beneficial to Society Because

question 81

Multiple Choice

Specialization and trade are beneficial to society because:

• A)the output of economic goods may be increased with no increase in resources.
• B)scarce resources are utilized more efficiently.
• C)a division of labour lowers prices for products.
• D)all of the above are correct.

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Definitions:

Information-Processing

A cognitive approach that likens the mind to a computer and studies how people encode, store, process, and retrieve information.

Creativity

The ability to generate new, original, or valuable ideas, solutions, or artistic expressions.

Scope

The extent or range of view, reach, or effect. In project management, it typically refers to the detailed set of deliverables or features of a project.

Inductive Reasoning

"Reasoning from specific observations to make generalizations."