Post Utme Greenfield University 2019 Commerce Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Greenfield University Commerce examination.

Post Utme Greenfield University 2019 Commerce Objective / Multiple Choice
Question 31 POST_UTME_GREENFIELD_UNIVERSITY • 2019 • COMMERCE • objective

The concept of specialization in production is closely related to the idea of comparative advantage. Explain how specialization can lead to increased efficiency and productivity in a firm.

Answer Options

Correct Answer A. Specialization leads to increased efficiency and productivity by allowing firms to focus on their core competencies and eliminate waste.
B. Specialization leads to decreased efficiency and productivity by limiting the range of products a firm can produce.
C. Specialization has no impact on efficiency and productivity.
D. Specialization leads to increased efficiency and productivity by allowing firms to take advantage of economies of scale.
Correct Answer
A
Correct Option:
Specialization leads to increased efficiency and productivity by allowing firms to focus on their core competencies and eliminate waste.

About This Question

This is Post Utme Greenfield University 2019 Commerce Question 31. It is one of the objective questions from the 2019 Post Utme Greenfield University Commerce examination.

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