Inspection time for a plant is 10,000 hours per year. the cost of inspection consists of salaries of four inspectors, totaling $60,000. inspection also used supplies costing $3 per inspection hour. the company has a close to zero defect state and has eliminated the need for any inspection activity. calculate the nonvalue-added cost of inspection per year.

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.