When Countries Specialize in Producing Those Goods in Which They

question 85

Multiple Choice

When countries specialize in producing those goods in which they have a comparative advantage, they

• A) maximize their combined output, but they do not necessarily allocate their resources more efficiently.
• B) maximize their combined output and allocate their resources more efficiently.
• C) allocate their resources more efficiently, but they do not necessarily maximize their combined output.
• D) do not necessarily maximize their combined output, and they also do not necessarily allocate their resources more efficiently.

Analyze the concept of practices in linking micro and macro levels of society.

Grasp the significance of Norbert Elias's views on the process of civilization.

Recognize the power of agency in Anthony Giddens's structuration theory.

Differentiate between practical consciousness and discursive consciousness.

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Definitions:

Accounting Profit

The total revenue of a business minus its explicit costs; does not include opportunity costs.

Home-Organization

The process of organizing and arranging the living space within a home for better functionality and aesthetics.

Farming

The activity or business of growing crops and raising livestock for food, fiber, and other products.

Marginal Product

The additional output that is generated by employing one more unit of a particular input, holding other inputs constant.