A Greater Specialization of Labour Leads to Which of the Following

question 27

Multiple Choice

A greater specialization of labour leads to which of the following major results?

• A)the circular flow of income contracts
• B)the overall output of the economy declines
• C)each worker must become more self- sufficient
• D)there is an increased need for government to intervene in the marketplace
• E)there is a greater need for trade

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Definitions:

Invoicing Error

A mistake in the billing process, often leading to disputes or discrepancies in financial accounts.

General Journal

The general journal is a comprehensive record of financial transactions over the life of a company, listed in chronological order.

Purchases Journal

An accounting record where all purchases of merchandise, inventory, and other supplies on credit are recorded, excluding cash purchases.

Cash Payments Journal

A journal used in accounting to record all cash outflows or payments made by a company.