Specialization occurs when each individual, firm, or country:
A) produces only a few specific goods and relies on trade for the other goods and services it needs.
B) is self-sufficient and produces all the goods and services it needs, without relying on imports.
C) produces only those goods for which it has a higher opportunity cost of producing than the opportunity cost in other nations.
D) produces only those goods which are in demand in the global market and allow for high rates of profitability.
A
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What is the essential characteristic of money?
A) It must be backed by some other tradable commodity. B) It must be backed by gold or silver. C) It must be accepted and used by people as a general medium of exchange. D) It must be declared by government authority.
Judy has just looked through her favorite catalog that came in the mail and has placed an order. The catalog is an example of
A) mass marketing. B) direct marketing. C) indirect marketing. D) interactive marketing.