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

Answer 1

The correct response is: lower price, higher quality.

Division of labor allows for specialization, where workers focus on specific tasks based on their skills. This can lead to increased efficiency and productivity, often resulting in lower costs for production. Additionally, when tasks are divided among workers who specialize, the quality of the final product can also improve, as each worker becomes highly skilled in their specific area.

Answer 2

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. A wider variety of toys from around the world reach the market.

Answer 3

The event that would benefit toy producers rather than toy consumers is: A toy becomes popular and increasingly scarce.

When a toy becomes popular and scarce, demand typically outstrips supply, allowing producers to raise prices and potentially increase their profits. Consumers may face higher prices and limited availability, which is not beneficial for them.

Answer 4

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

Answer 5

A good economic strategy for an area with tropical weather but few skilled workers would be to: focus on growing high-yield crops.

In such an environment, agriculture can be a significant area of economic activity, especially if the climate is suitable for growing various crops. High-yield crops can maximize the value derived from the available arable land, require relatively less skilled labor compared to other industries, and can provide food security and income for the area.

Answer 6

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.

Answer 7

The most accurate response is: They had some economic decline because of lower U.S. spending.

During a recession in the U.S., consumer and business spending typically decline, which can lead to reduced imports from trade partners such as Canada and Mexico. As the U.S. is a significant trading partner for both countries, this reduced demand often results in economic decline in Canada and Mexico as well.