Question

With specialization opportunity: a. Costs tend to be constant. b. There are greater gains in material well being. c. There is more emphasis on self-reliance. d. Society is more productive while individuals are less productive.

Answer 1

Answer:

The correct answer is b. There are greater gains in material well being.

Explanation:

When people specialize in a specific economic activity, this person increases their mastership and therefore their productivity. If everybody specializes then the boundaries of the material well being expands and everybody wins as a consequence of specialization. Adam Smith clearly stated when he first pictured the baker man and the tailor and said that by doing bread and trading it later, baker man is providing clothes to his home.