Answer to Question 1
From society's standpoint, the total output of goods and services available for consumption is greater with specialization and trade. From an individual's perspective, each person who specializes enjoys being able to consume a larger bundle of goods and services after trading with others who have also specialized, than would otherwise be possible under self-sufficiency. These increases are the gains from specialization and trade for society and for individuals.
Answer to Question 2
Average fixed costs are equal to the total fixed costs divided by output. Mathematically speaking this figure will continue to fall since the number in the numerator remains fixed while the number in the numerator rises. Therefore, it isn't possible for the average fixed cost curve to have the shape that is depicted in this graph
Ivory trade in East Africa during the 1880s and 1890s
Hemispheric Specialization
The Number of Children Americans Think Are Ideal
Transatlantic Slave Trade
Flexible exchange rates are supposed to prevent long-term trade deficits.
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately