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Which of the following is true with respect to specialization?

A) Adam Smith in The Wealth of Nations referred to specialization and division of labor.

B) With a given set of resources, specialization results in higher output.

C) Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization.

D) All of the above are correct.

49) Distinguish the concepts of comparative advantage and absolute advantage.

50) What is the "division of labor"? How is the division of labor related to production?

51) Explain how comparative advantage, specialization and division of labor are related.

52) What is the difference between comparative advantage and absolute advantage?

53) Why do most people specialize in their work?

Dec 10 2019 View more View Less

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Which of the following is true with respect to specialization?

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