Total Output in an Economy Increases When Each Person Specializes

question 61

Multiple Choice

Total output in an economy increases when each person specializes because

• A)there is less competition for the same resources.
• B)each person spends more time producing that product in which he or she has a comparative advantage.
• C)a wider variety of products will be produced within each country due to specialization.
• D)government necessarily plays a larger role in the economy due to specialization.

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Definitions:

Environmental Protection Agency

A U.S. federal agency responsible for managing and enforcing national pollution control and environmental laws and regulations.

Chemical Compound

A substance composed of two or more elements chemically bonded together in a fixed proportion.

Human Health

The state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Clean Water Act

A principal United States federal law, established in 1972, aiming to regulate pollutant discharges into the waters of the United States and to ensure water quality.