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- 1. Multiple-choice2 minutes1 pt
How does specialization encourage international trade?When countries specialize in one product, they can master it and sell it to other nations.When countries make many different products, they do not have to trade.Specialization uses resources from many countries.Specialization does not encourage international trade. - 2. Multiple-choice2 minutes1 ptWhich is the best example of specialization?A surf shop lowers the price on swimsuits.A dry cleaner spends extra time on grease spots.An assistant in a tailoring shop only replaces zippers.An online clothing outlet offers customized monograms.
- 3. Multiple-choice2 minutes1 ptHow does division of labor increase productivity?Workers require minimal training.Workers require minimal training.Workers become expert at one task.Workers move often from job to job.
- 4. Multiple-choice2 minutes1 ptIn a voluntary exchange, why do people give something up?to increase their self-sufficiencyto get something they want moreto allocate scarce resources fairlyto allocate scarce resources fairly
- 5. Multiple-choice2 minutes1 ptWhat's the relationship between specialization and voluntary exchange?specialization leads to a need for voluntary exchangespecialization exists because of voluntary exchangesvoluntary exchanges causes specializationvoluntary exchange negates the need for specialization
- 6. Multiple-choice2 minutes1 pt•Workers perform fewer tasks in order to operate more efficientlyLandDivision of LaborFactors of ProducationMarginal Benefit
- 7. Multiple-choice2 minutes1 ptA focus on developing only certain skills or producing only certain goods/servicesImportsExportsSpecializationGlobalization
- 8. Multiple-choice2 minutes1 ptwhen people are experts in their field to the degree that they can offer services for sale to customers, they are demonstrating which of the following economic concepts?division of laborspecializationparadox of value
- 9. Multiple-choice2 minutes1 ptMrs. Pinero opens her own store, selling pink pencils. Her business is an example ofDivision of laborMass productionSpecializationPinkship
- 10. Multiple-choice2 minutes1 ptDivision of labor is a characteristic ofhome craft businessesassembly line productionclassroom educationentrepreneurship
