What is an example of specialization at the individual level?

A country focusing on textile production

A region known for technology sector

A chef specializing in baking pastries

A company manufacturing smartphones

Why might a country with abundant high-quality oil reserves command higher prices in the global market?

Because they have a large labor force

Due to the superior quality of their oil resources

They have cheaper production methods

What is an example of specialization at the regional level?

A chef specializing in baking pastries

A company exclusively manufacturing smartphones

Silicon Valley specializing in the technology sector

Bangladesh focusing on textile production

Which factor allows countries to specialize due to superior resource availability?

Large labor force for manual services

High-quality or abundant resources

How can a nation with lower production costs gain a competitive edge in international markets?

By relying on superior quality resources

By having a large pool of inexpensive labor

By focusing on regional specialization

By offering manual services at higher costs

What is an example of specialization at the national level?

A chef specializing in baking pastries

A company exclusively manufacturing smartphones

Silicon Valley specializing in the technology sector

Bangladesh focusing on textile production

Why might a country with a large labor force specialize in labor-intensive industries?

They can offer manual services at lower costs

They rely on advanced technology

They have abundant natural resources

What is a reason for specialization at the business level?

Focus on a specific product or service

Abundant high-quality resources

How can machinery or technology influence national specialization?

By limiting resource availability

By increasing labor requirements

International Specialisation Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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