Specialization of Labour Led to Greater Efficiency in the Allocation

question 64

Multiple Choice

Specialization of labour led to greater efficiency in the allocation of resources because of

• A)the principle of comparative advantage.
• B)an increase in total work effort.
• C)greater reliance on self- sufficiency.
• D)the use of barter.
• E)the opportunity cost of labour increased.

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Definitions:

Natural Gas

A fossil fuel composed mostly of methane, used as a source of energy for heating, cooking, and electricity generation, as well as a feedstock for chemical manufacturing.

Complementary Goods

Goods or services that are frequently utilized in conjunction with each other, leading to a scenario where the desire for one boosts the desire for the other.

Substitute Goods

Products or services that can be used in place of each other because they satisfy similar customer needs or desires.

Blu-Ray Players

Devices designed to play Blu-ray discs, which provide high-definition video and have more storage capacity than traditional DVDs.