Author Question: People: a. tend to specialize in those activities in which their opportunity costs are minimum b. ... (Read 22 times)

Ebrown · **on:** Jun 30, 2018

People:
a. tend to specialize in those activities in which their opportunity costs are minimum
b. tend to specialize in those activities in which their opportunity costs are maximum.
c. never consider opportunity costs while deciding which activities to specialize in.
d. consider only direct costs while deciding which activities to specialize in.
e. do not behave in their own self-interest.

Question 2

Specialization:
a. is a way for individuals to make the best use of resources by devoting themselves to one primary productive activity.
b. is a way for society to become wealthier while not using their resources.
c. is a way for people to avoid having to trade.
d. increases one's opportunity cost of the activity they choose to specialize in.