Which of the following is true?
a. People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result.
b. One advantage of specialization is that workers acquire greater skill from repetition.
c. If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service.
d. All of the above are true.
Question 2
Many scholars believe that the importance of research and development is understated. Efforts in research and development can include:
a. the introduction of new products.
b. management improvements.
c. production innovations.
d. any of the above.
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