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For which reasons are specialization and trade are beneficial to society? 
a. scarce resources are utilized more efficiently.
b. a division of labor lowers prices for products.
c. the output of economic goods may be increased with no increase in resources.
d. all of the above are correct

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Vaishnavi Kanukurti
Vaishnavi KanukurtiLv10
3 Oct 2020

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Related questions

Which of the following is not a reason why specialization and trade are beneficial to society?

A.)Scarce resources are utilized more efficiently 

B.)Firms and workers become less dependent on others for producing goods and services

C.)The output of economic goods may be increased even without any increase in resources

D.)Division of labor fosters learning by doing, thus lowering the unit-costs of products 

Resources are allocated among industries in response to signals sent by both product and resources ...................... . These also indicate which resources would be combined in what way, in the production of a good or service, in order to ..................... production costs, thereby using society's scarce resources most ...................... . A person can increase his income by producing .................... output or by specializing in the production of something for which society is willing to pay a higher price (relative to cost). The ........................ of goods, services and resources are not determined by some government agency, but by countless decisions of individuals about which goods and services to produce and buy.

Part 1.Choose the correct answer of the following:

1.In a market economy, economic activity is guided by

a.Self-interest and prices

b.The government.

c.Corporations.

d. Central planners.

2. Which of the following decisions must be made by all economies?

a.How much to produce? When to produce? How much does it cost?

b.What to produce? How to produce? For whom to produce?

c.What is the price? Who will produce it? Who will consume it?

d. None of the above

3.Since the resources used in the production of goods and services are limited, society must:

a.Reduce the use of those resources

b.Try to get more resources

c.Make choices about how to use resources

d.Focus on their most abundant resource

4.Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?

a.Households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes.

b.There is no such thing as a free lunch.

c.People buy more when prices are low than when prices are high.

d. No matter how much people earn, they tend to spend more than they earn.

5.If real GDP increased by 2 percent, then

a.Government spending increased by 2 percent

b.The price level has increased by 2 percent

c.Real output/production has increased by 2 percent

d. The increase might have been caused by an increase in the price level or output, but we cannot tell for sure

6. Which of the following would show an efficient economy?

a.Uses the least costly amount of resources available

b.Has a small amount of people who do not work

c.Resources are used to make the most goods and services possible

d.None of the above

7.What is the type of unemployment that occurs when people take time to find a job?

a.cyclical

b.frictional

c.Disguised

d.structural

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