In some simple models of trade, a country may choose to specialize in the production of a single good. Which is not an argument against specializing in a single good in the real world? a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry. b. Specialization in a single good makes dumping easier and more effective. c. Curved production possibilities curves suggest increasing costs and diminishing returns. d. New technology or cheaper substitutes could replace the good.
In some simple models of trade, a country may choose to specialize in the production of a single good. Which is not an argument against specializing in a single good in the real world? a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry. b. Specialization in a single good makes dumping easier and more effective. c. Curved production possibilities curves suggest increasing costs and diminishing returns. d. New technology or cheaper substitutes could replace the good.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
In some simple models of trade, a country may choose to specialize in the production of a single good.
Which is not an argument against specializing in a single good in the real world?
a. Unexpected events such as natural disasters or sudden changes in taste and demand could cripple a single industry.
b. Specialization in a single good makes dumping easier and more effective.
c. Curved production possibilities curves suggest increasing costs and diminishing returns.
d. New technology or cheaper substitutes could replace the good.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education