Specialization of labor means that:
a. production requires a special kind of labor
b. the overall skill level of labor is increasing over time.
c. individuals produce goods that they are relatively good at producing and trade for those that they do not produce.
d. individuals achieve self-sufficiency in production by producing all the goods that they require.
e. exchange within the economy consists of trading in services.
c
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Rationing when goods have suddenly become more scarce, by asking people to make sacrifices voluntarily for the sake of others, discriminates against people who are
A) considerate. B) poor. C) unethical. D) unwilling to sacrifice. E) wealthy.
Bonds that are sold in a foreign country and are denominated in a currency other than that of the country in which it is sold are known as
A) foreign bonds. B) Eurobonds. C) equity bonds. D) country bonds.