All of the Following Are Basic Changes That Mark the Transition

question 23

Multiple Choice

All of the following are basic changes that mark the transition from Neolithic village life to life in the first urban centers except:

• A)agricultural innovation.
• B)social stratification.
• C)central government.
• D)diversification of labor.
• E)expansion of religious centers.

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Definitions:

Short Run

A time period in economics during which at least one input is fixed while others may be variable, affecting the production and costs of a business.

Long Run

In economics, the long run refers to a period in which all inputs or factors of production can be varied and no costs are fixed.

Capital Intensity Ratio

A metric that measures the amount of assets required to generate a dollar of revenue, indicating how much capital is invested in production.

Total Liabilities

The combined debts and obligations that a company or individual owes to outside parties, indicating the total amount owed.