Aeronautical Engineers Are a Factor of Production for Airplanes

question 6

Multiple Choice

Aeronautical engineers are a factor of production for airplanes.What will happen in the world market for airplanes when there is a worldwide shortage of aeronautical engineers?

• A)price will decrease,quantity exchanged will decrease
• B)price will decrease,quantity exchanged will increase
• C)price will increase,quantity exchanged will decrease
• D)price will increase,quantity exchanged will increase
• E)there will be no change in price or quantity exchanged

Recognize the role of tariffs and quotas in protecting domestic industries.

Analyze the effects of trade restrictions on global and domestic prices and quantities.

Explain how tariffs and trade policies affect factor markets and wages.

Understand the mechanism and effects of imposing or removing tariffs on the importation of goods.

---

Definitions:

Economic Positions

The status or place of individuals or groups within the economic structure of society, influenced by factors like income, wealth, and occupation.

Political Action Committees

Organizations that collect funds from members and donate those funds to campaign for or against political candidates, legislation, or policies.

Legitimate Right

A recognized or sanctioned entitlement or authority within a social or legal framework.

Wield Power

To have control or authority over others, often used in the context of politics, leadership, or social influence.