Specialization and exchange
a. generally leads to increased production of some goods at the cost of decreased production of other goods
b. causes the production possibilities frontier to shift inward
c. increases total production of every good only if the total amount of resources also increases
d. alters the allocation of production among individuals or nations, but does not alter total production levels
e. allows greater total production of every good without an increase in the total amount of resources
E
You might also like to view...
The existence of a kinked demand curve under oligopoly conditions may result in
A) price flexibility. B) price rigidity. C) competitive pricing. D) None of the above
Efficiency means that
a. society is conserving resources in order to save them for the future. b. society's goods and services are distributed equally among society's members. c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. d. society is getting the maximum benefits from its scarce resources.