The Most Obvious Benefit of Specialization and Trade Is That

question 137

Multiple Choice

The most obvious benefit of specialization and trade is that they allow us to

• A)work more hours per week than we otherwise would be able to work.
• B)consume more goods than we otherwise would be able to consume.
• C)spend more money on goods that are beneficial to society, and less money on goods that are harmful to society.
• D)consume more goods by forcing people in other countries to consume fewer goods.

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Definitions:

Unit Retail Price

The price at which a single unit of a product is sold to consumers in the retail market.

Retail Price

The total cost at which a product or service is sold to the end consumer, inclusive of all markups.

US Dollar

The official currency of the United States, widely used as a standard of exchange in international markets.

Euro

The official currency of nineteen of the twenty-seven European Union countries, known collectively as the Eurozone.