What is the primary focus of economics as discussed in the introduction?
Specialization and Trade: Crash Course Economics

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Business, Geography, Science, Social Studies
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11th Grade - University
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of wealth distribution
The study of scarcity and choices
The study of political systems
The study of technological advancements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the video, what major event led to a significant increase in the standard of living?
The Industrial Revolution
The Renaissance
The Information Age
The Agricultural Revolution
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What concept did Adam Smith introduce that is crucial for understanding economic prosperity?
Inflation control
Monetary policy
Specialization and division of labor
Supply and demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the production possibilities frontier (PPF) model illustrate?
The impact of inflation on production
The relationship between supply and demand
The maximum output of a single good
The trade-offs between two goods using resources efficiently
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is specialization and trade beneficial according to the video?
It eliminates the need for economic models
It makes countries better off by focusing on comparative advantage
It allows countries to produce everything they need
It reduces the need for international relations
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which country is mentioned as having a comparative advantage in shoe production?
Japan
United States
China
India
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common argument against international trade that the video addresses?
It reduces environmental impact
It destroys domestic jobs
It increases cultural exchange
It leads to technological advancements
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