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8 November, 18:04

Which of the following is NOT a benefit of specialization and trade? Select one: a. Increase in productivity from specialization of knowledge b. It creates equality throughout society c. It makes people better off when preferences differ d. Increase in productivity from specialization based on comparative advantages

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  1. 8 November, 19:51
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    b. It creates equality throughout society

    Explanation:

    Specialisation & Trade refer to tendency of countries to produce goods of their specialisation & trade them with each other, rather than each country producing each good.

    It leads to increase in productivity from knowledge specialisation, based on advantage (absolute, comparative) based production. It also makes people better off, increase in welfare due to choice expansion among differing preferences.

    However, it is not in anyways connected to equality throughout society.
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Home » Business » Which of the following is NOT a benefit of specialization and trade? Select one: a. Increase in productivity from specialization of knowledge b. It creates equality throughout society c. It makes people better off when preferences differ d.
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