Although Specialization of Labor Increases Efficiency of Production, Another Step

question 40

Multiple Choice

Although specialization of labor increases efficiency of production, another step is necessary

• A)to exchange goods among producers.
• B)to remain fully employed.
• C)to a reallocation of natural resources.
• D)to assure that exchange leads to mutual gains.
• E)All of the responses are correct.

Understand the impact of transactions on total assets and total liabilities.

Recognize the definition and types of accounting periods, including a calendar and fiscal year.

Identify proper journal entries for different types of transactions, including investments, withdrawals, and purchases.

Distinguish between the components of the general journal and their purposes.

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Definitions:

Total Fertility Rate

The average number of children that would be born to a woman over her lifetime, given current birth rates.

Per Capita Consumption

The average consumption of a good or service per individual within a population.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance, which is the main constituent of Earth's streams, lakes, and oceans and the fluids of most living organisms.

Energy

The capacity to do work, which comes in various forms such as kinetic, potential, thermal, electrical, chemical, nuclear, and others, and can be transformed from one form to another.