Which of the following is true?
A)People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result.
B)One advantage of specialization is that workers acquire greater skill from repetition.
C)If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service.
D)All of the above are true.

Question

Which of the following is true?
A)​People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result.
B)​One advantage of specialization is that workers acquire greater skill from repetition.
C)​If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service.
D)​All of the above are true.

Quizplus · Accepted Answer

All three statements are true.

A) Specialization leads to lower opportunity costs and thus higher efficiency, as individuals and firms can focus on producing goods and services where they have a comparative advantage.
B) Repetition and focus on a particular task or activity can lead to mastery and greater skill, which can further benefit the individual or firm.
C) Comparative advantage is a key concept in international trade, as it helps to explain why countries engage in trade and can benefit from specialization and exchange with other nations.

Which of the Following Is True