IGCSE Economics Practise questions

True or False

1.  Individual specialization involves individuals focusing on a wide range of occupations and professions to increase their skillset. T / F

2. Countries can achieve economic growth and competitiveness by relying on their comparative advantage and specializing in specific industries.  T / F

3.  Global competitiveness is improved through specialization, as countries can focus on producing goods and services in which they have a comparative advantage. T / F

4. Specialization can lead to a lack of variety for consumers, resulting in limited product choices and a monotonous market. T / F

5. Specialisation does not foster innovation and technological advancement as companies tend to neglect research and development in their specialised fields. T / F

6. Excessive reliance on a few specialized sectors can make a country less vulnerable to economic shocks and changes in global demand. T / F

7. Improved competitiveness is an advantage of specialisation, as countries can focus on producing goods and services in which they have a comparative advantage. T / F

8. High labor turnover is a disadvantage of specialization as repetitive and boring jobs may cause increased burnout among workers. T / F