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.

---

Definitions:

European Union

A politico-economic union of 27 European countries that are located primarily in Europe, aimed at fostering economic cooperation and has its own currency, the Euro, which is used by 19 of the member countries.

Labor Legislation

Laws and regulations designed to protect the rights of workers, regulate employment conditions, and manage labor relations and unions.

Margaret Thatcher

British Prime Minister from 1979 to 1990, known for her conservative policies and role in restructuring the UK economy, often clashing with labor unions.

Government Influence

The ways in which governmental actions, policies, and regulations affect economic, social, and organizational activities within a country.