Question: According to absolute advantage principle in specialisation: Question 14Answer a. Only the most skilled person should work b. Companies should do everything themselves c. Even

According to absolute advantage principle in specialisation: Question 14Answer a. Only the most skilled person should work b. Companies should do everything themselves c. Even highly capable individuals benefit from specialising d. Specialisation is only for less capable workers

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The mechanism shown is used to lower disabled persons into a whirlpool tub for therapeutic treatment. In the unloaded configuration, the weight of the boom and hanging chair induces a compressive...

we looked at the notion of both absolute advantage and comparative advantage by examining a hypothetical economy producing wine and cloth.Let us continue to develop our understanding of these...

6. The idea that each nation is efcient in the production of some goods and less efficient in the production of other goods underlies which of the following concepts? 3. absolute advantage principle...

(1)Differentiation. Distinct the following pair of words with one another. 1. Absolute Advantage Principle to Comparative Advantage Principle 2. Monopolistic Advantage Theory to Internalization...

Which of the following focuses on the resources a corporation possesses compared with others, and recommends that corporations that utilize internationalization strategies own or control certain...

subject: INTERNATIONAL BUSINESS AND TRADE Differentiation. Distinct the following pair of words with one another. 1.) Absolute Advantage Principle to Comparative Advantage Principle...

Rational people A-undertake an action if it has positive economic surplus B-might correct calculates marginal costs C-ignore scarcity in decision making D- might correctly calculates marginal...

1. Suppose country A can produce 30 units of Corn per time period (if it specializes in Corn).Country A can produce 4 outfits per time period (if it specializes in outfits).If country B specializes...

18. The difference between the value of labor and the wage paid for it is called: A. Alienation B. Surplus value C. Proletariat D. Means of production E. Bourgeoisie 19. Marx predicts that a...

Self-EvaluationProblems 2-1. Suppose there are only two goods that Bob cares about(1) material welfare and (2) leisure time that he "buys" from the outside world at $40 per unit and $20 per hour,re-...

Subject: corporate social policy Please select the A,B, C,D 16. Which of the following describes the duties others have to not interfere in certain activities of another person who is exercising a...

Describe the role of managerial accounting in contemporary business. Provide one specific, real-life example of how managerial accounting helps managers improve operational and financial performance....

Coopers Company plans to issue $500,000, 10-year, 10 percent bonds. Interest is paid semiannually on June 30 and December 31. All of the bonds will be sold on January 1, 2009. Determine the issuance...

Evaluate 1 4 ( x 1 x ) 2 d x a ) 1 1 1 4 b ) 1 1 5 4 c ) 4 8 3 d ) 4 0 3

Read Bill Joy's article titled "Why the future doesn't need us." And answer the following question: Joy relates content from Ted Kaczynski's writings that identify two ways that humans might lose...