Specialization and trade Study guides, Class notes & Summaries
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ECON 203 EXAM 1 TAMU questions with correct answers
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What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases 
-new points reached on the PPF that were originally unattainable 
 
What are the 4 characteristics of competitive markets...
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AFST 201 EXAM 1 LATEST 2024 100% CORRECT
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AFST 201 EXAM 1 LATEST 2024 100% CORRECT Egypt Nile River Valley 
Mesopotamia Tigris and Euphrates Rivers 
Indus Valley Indus River 
Caral-Supe Peru River Valley 
China Yellow River 
Why civilizations developed? -Challenge and response -Material forces (food surpluses) created specialization of labor and social classes -Management of water resources -Non-material forces (Religion = unity & purpose) 
geography of Egypt Nile River flows from central Africa to the Nile Delta -flooding predicatable ...
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Econ 2110 Final Exam Clemson University Latest Update Rated A+
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Econ 2110 Final Exam Clemson University Latest Update Rated A+ Economics the study of how people allocate their limited resources to satisfy their nearly unlimited wants 
Micro the part of economics concerned with single factors and the effects of individual decisions 
Macro the part of economics concerned with large scale or general economic factors, such as interest rates and national productivity 
Incentives rewards r punishments that people react to 
Scarcity living in a world of finite reso...
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AREC 202 Midterm – Kroll Questions and Answers 100% Solved
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AREC 202 Midterm – Kroll Questions 
 
and Answers 100% Solved 
 
What is economics, and what does it have to do with your life? The study of how people 
make choices under conditions of scarcity 
 
What is the difference between microeconomics and macroeconomics? Macro: the study of 
national economies and policies the government uses to improve performance. 
Micro: the study of choice under scarcity and its implications for behaviors of prices/quantities 
for an individual market. 
 
What are...
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WGU D080 Managing in a Global Business Environment 2023/2024 with complete solution Questions
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WGU D080 Managing in a Global Business Environment 2023/2024 with complete solution Questions 
What is globalization? 
The key element of globalization is interdependence and interconnectedness among companies and countries around the globe. Globalism is characterized by an increasing number of worldwide connections, rapid and discontinuous change, an increasing number of diverse participants, and growing complexity. 
 
 
What are the economic, political, and cultural effects of globalization? ...
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Econ 2110 Final Exam Clemson University | Questions and answers with 100% correct solutions | Graded A+
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Economics the study of how people allocate their limited resources to satisfy their nearly unlimited 
wants 
Micro the part of economics concerned with single factors and the effects of individual decisions 
Macro the part of economics concerned with large scale or general economic factors, such as 
interest rates and national productivity 
Incentives rewards r punishments that people react to 
Scarcity living in a world of finite resources and having unlimited needs and wants 
Trade-offs giving...
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Georgia Real estate Practice Exam 2023 with 100% correct answers
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1. which of the following ways of specialization is common in the real estate brokerage business 
A) by background of client 
B) by type of property 
C) by years of experience in the business 
D) by type of mortgage financing required - correct answer -b 
 
2. which of the following is included in the legal concept of land 
A) A corn crop 
B) a lake 
C) a felled tree 
D) an abandoned vehicle - correct answer -b 
 
3. a property abuts a non navigable stream. What does the owner own 
A) land to th...
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Test Bank For Brief Principles of Macroeconomics International Edition 5th Edition by N. Gregory Mankiw
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Chapter 3 
Interdependence and the Gains from Trade 
TRUE/FALSE 
1. In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers. 
 ANS: T 
NAT: Analytic TOP: Trade 
DIF: 1 REF: 3-0 
LOC: Gains from trade, specialization and trade MSC: Definitional 
2. Interdependence among individuals and interdependence among nations are both based on the gains from trade. 
ANS: T DIF: 2 REF: 3-0 
NAT: Analytic LOC: G...
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TAMU Econ 203 Exam 1 questions with correct answers
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Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF 
 
PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs 
 
Points on PPF CORRECT ANSWER -points outside line are unattainable 
-points within are attainable but inefficient 
-points on line are attainable and efficient 
 
Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good 
 
Opportunity Cost Formula COR...
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WGU Global Business D080
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WGU Global Business D080 
Cost 
Economies of scale and scope. Exploiting cost of factors of production 
 
 
Competition 
New Markets and increased levels of trade 
 
 
Government 
Favorable policies and support for industry 
 
 
Subsidies 
A sum of money granted by the government to assist an industry or business 
 
 
Patents 
Protects inventions and improvements to existing inventions for a limited period of time in exchange for detailed public disclosure of those inventions 
 
 
Copyrights 
A ...
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