A single individual performing all of the steps involved in the production of a commodity is usually less productive compared to one who performs only one task

How did the U.S. government make the American public have confidence in the nation's currency in the 1870s?

(A) The government permitted state-chartered banks to issue currency. (B) The government established the First Bank of the United States. (C) The government backed the currency with cotton. (D) The government adopted the gold standard.

Which of the following is NOT a common characteristic of a developing country?

A) extensive direct government control of the economy B) history of low inflation C) many weak credit institutions D) "pegged" exchange rates E) Agricultural commodities make up a large share of its exports.