ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A limit on the amount of foreign goods that can come into a country.
|
|
|
Anything that slows down or prevents one country from exchanging goods with another.
|
|
|
A tax placed on goods when they are brought into one country from another country.
|
|
|
Products a country makes best that are demand on the world market.
|
Detailed explanation-1: -Specialization can increase productivity and provide a comparative advantage for a firm or economy. Microeconomic specialization involves the individual actors and economic components, and macroeconomic specialization involves the broad advantage an economy holds in production.
Detailed explanation-2: -Specialization Leads to Economies of Scale As labor is divided amongst workers, workers are able to focus on a few or even one task. The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good.
Detailed explanation-3: -When nations specialize, this exchange creates gains from trade. The benefits of specialization include a larger quantity of goods and services that can be produced, improved productivity, production beyond a nation’s production possibility curve, and finally, resources that can be used more efficiently.