Erin Makes Around $15,000 Per Year

question 16

Multiple Choice

Erin makes around $15,000 per year.Until recently,she worked in the manufacturing sector at a factory.However,it recently closed and relocated to a country with lower wages.Erin likely lives in a __________economy.

• A)low-income
• B)lower-middle income
• C)upper-middle income
• D)high-income

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Definitions:

Parking

The act of halting a vehicle and leaving it unoccupied for a duration, often in a designated area or lot.

Opportunity Costs

The detriment faced for not opting for the immediate next best possibility during decision implementation.

Efficient Market Outcomes

Refers to a situation in markets where all available information is fully reflected in prices, ensuring that transactions do not systematically advantage any party.

Risk-free Ventures

Investments that are assumed to have no risk of financial loss.