How does division of labor affect the final product?
(1 point)
Responses
lower price, lower quality
lower price, lower quality
lower price, higher quality
lower price, higher quality
higher price, lower quality
higher price, lower quality
higher price, higher quality
The correct response is: lower price, higher quality.
Which event would benefit toy producers rather than toy consumers?
(1 point)
Responses
A natural resource increases in price.
A natural resource increases in price.
A toy becomes popular and increasingly scarce.
A toy becomes popular and increasingly scarce.
A market shift causes people to put more money in savings.
A market shift causes people to put more money in savings.
A wider variety of toys from around the world reach the market.
The correct response is: A toy becomes popular and increasingly scarce.
What would be a good economic strategy for an area with tropical weather but few skilled workers?
(1 point)
Responses
focus on growing high-yield crops
focus on growing high-yield crops
focus on urban planning and housing
focus on urban planning and housing
focus on developing education and a technology sector
focus on developing education and a technology sector
focus on building specialized factories
The correct response is: focus on growing high-yield crops.
The United States experienced a recession that lasted for more than a year in the late 2000s. How did this recession most likely affect U.S. trade partners Canada and Mexico?
(1 point)
Responses
Their economies were not affected by this problem.
Their economies were not affected by this problem.
They had some economic decline because of lower U.S. spending.
They had some economic decline because of lower U.S. spending.
Their economies grew because consumers could buy U.S. products more cheaply.
Their economies grew because consumers could buy U.S. products more cheaply.
They had major economic problems because they could no longer consume the goods that they needed.