Which of the Following Is a Feature of the Take-Off

question 48

Multiple Choice

Which of the following is a feature of the take-off stage of economic development?

• A) Countries become thriving consumer and industrial economies with a substantial services sector.
• B) Countries are characterized by subsistence activity in which output is consumed by producers rather than traded.
• C) Countries emphasize the production of high-technology products and development of a strong services sector.
• D) Producers specialize and begin to mass produce goods that can be exchanged
• With trading partners worldwide.

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Definitions:

Beginning Inventory

The value of goods available for sale at the start of an accounting period.

Production Needs

The requirements necessary to manufacture products, including materials, labor, and machinery.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the sum of beginning inventory plus purchases minus cost of goods sold.

Cash Collections

The process of gathering all cash payments received from customers during a specific time period.