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- 1. Multiple Choice
How does specialization encourage international trade?When countries specialize in one product, they can master it and sell it to other nations.When countries make many different products, they do not have to trade.Specialization uses resources from many countries.Specialization does not encourage international trade. - 2. Multiple ChoiceHow does division of labor increase productivity?Workers require minimal training.Workers require minimal training.Workers become expert at one task.Workers move often from job to job.
- 3. Multiple Choice•Workers perform fewer tasks in order to operate more efficientlyLandDivision of LaborFactors of ProducationMarginal Benefit
- 4. Multiple Choicewhen people are experts in their field to the degree that they can offer services for sale to customers, they are demonstrating which of the following economic concepts?division of laborspecializationparadox of value
- 5. Multiple ChoiceMrs. Pinero opens her own store, selling pink pencils. Her business is an example ofDivision of laborMass productionSpecializationPinkship
- 6. Multiple ChoiceYou give up one thing to have more of another in _________________.a trade offan opportunityproductionscarcity
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