Stratification at the Global Level Is a Divide of Global

question 73

Multiple Choice

Stratification at the global level is a divide of Global North and South. What do North and South indicate?

• A) the North and South poles of the globe as indicators of top and bottom
• B) North and South America
• C) Northern and Southern Hemispheres
• D) core and periphery

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Definitions:

Backward-Bending Labor Supply Curve

A labor supply curve that illustrates how an individual's supply of labor can decrease as wages increase beyond a certain point, due to the preference for leisure over income.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods or services.

Income Effect

How an alteration in the income of an individual or an economy influences the demand for a specific good or service.

Legal Hourly Minimum Wage

The lowest hourly pay that employers are legally allowed to pay their workers, as mandated by government law.