Division of _______ is the way a good or service that is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
a. resources
b. labor
c. money
d. tasks
b. labor
Division of labor is the way a good or service that is produced is divided into several tasks that are performed by different workers, instead of all the tasks being done by the same person.
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In general, developed countries depend more heavily on indirect taxes on goods and services than do developing countries
a. True b. False Indicate whether the statement is true or false
Place point A on the graph to indicate where the United States economy operated in 1938.
If a country has a lower opportunity cost in producing a good than its trading partners, then it has:
A. A comparative advantage in producing the good. B. Favorable terms of trade in producing the good. C. An absolute advantage in producing the good. D. Lower labor costs in producing the good.
Unless money can perform its job as a _______, it doesn't matter that much if it performs its other jobs that well.
Fill in the blank(s) with the appropriate word(s).