Specialization

Specialization

12th Grade

5 Qs

quiz-placeholder

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Specialization

Specialization

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Caleb Watson

Used 2+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of specialization?

I decide to make every type of pie that I can

I decide to spend my $20 to go out to dinner instead of the movies

I stop playing basketball and baseball to focus on football

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What would specialization look like for a company?

Lululemon decides to focus solely on making athletic apparel

Nike decides to start video game design

A peach farming business adds apples and pears to its offerings

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following is a benefit of specialization?

More total output

The economy becomes more efficient

The marginal benefit decrease

More scarce resources are created

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Comparative Advantage state?

If two countries both produce a mix of goods, instead of focusing on a particular, more will be produced.

Trade is not beneficial for the economy

If each country specializes in a good with a lowest opportunity cost, more overall items will be produced

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False:


Whoever has the absolute advantage should always produce that good when comparing two countries/companies.

True

False