Quiz on International Specialization

What does 'international specialization' refer to?

• Focusing on multiple industries

• Concentrating on the production of certain goods or services

• Reducing the workforce

• Increasing government regulations

What is one advantage of international specialization?

• Decreased GDP

• Higher production costs

• Increased unemployment

• Efficiency gains

What does 'economies of scale' mean?

• Decreased average costs as production increases

• Higher costs with increased production

• Increased variety of products

• Lower productivity

Which country is mentioned as benefiting from specialization in electronics?

• China

• Taiwan

• Japan

• India

What is a disadvantage of international specialization?

• Improved competitiveness

• Increased variety for consumers

• High labor turnover

• Lower labor costs

What can high labor turnover lead to?

• More skilled workers

• Increased job satisfaction

• Higher training costs

• Lower production rates

What does 'cost advantage' refer to?

• Producing goods at a higher cost

• Having lower production costs than competitors

• Increasing the number of products

• Reducing the workforce

What is a potential effect of low labor mobility?

• Increased job opportunities

• Structural unemployment

• Higher wages for all workers

• Improved skills development

Which of the following is a key vocabulary term related to specialization?

• Globalization

• National level

• Diversification

• Inflation

What can specialization help to improve in a country?

• Standardized products

• Labor turnover

• International competitiveness

• Consumer dissatisfaction