If Hong Kong Has an Open Economy,it ________ with Other

question 70

Multiple Choice

If Hong Kong has an open economy,it ________ with other countries.

• A) trades all of its goods
• B) does not trade its goods
• C) only trades a few of its goods
• D) trades both services and goods
• E) trades only services and no goods

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Definitions:

Labor

The human effort, including both physical and mental, used in the production of goods and services.

Leisure

Time free from work or duties, often used for relaxation, hobbies, or other personal activities.

Nonlabor Income

Income received that does not originate from employment or working, such as dividends, interest, or rental income.

Wage Rate

The fixed amount of compensation or payment given to an employee by an employer in return for work performed, typically expressed on an hourly, daily, or piecework basis.