Which of the Following Statements About Specialization and Trade Are

question 31

Multiple Choice

Which of the following statements about specialization and trade are correct?

• A)They developed only in the twentieth century.
• B)They exist only in capitalist economies.
• C)They arose as humans changed from nomadic and self-sufficient food gatherers to settled food producers.
• D)They developed only where government and political institutions were stable.
• E)They occur only in the private sector.

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Definitions:

Objectivity

The quality of being unbiased, unprejudiced, and impartial in analysis and decision-making.

Management Accounting Process

The set of practices that involves the preparation of financial reports and statements for internal use by management for decision making.

Global Competition

Refers to the situation where businesses compete in worldwide markets against each other, across political and cultural boundaries.

Productivity

The efficiency at which goods or services are produced, often measured by output per unit of input, such as labor or materials.