In the Specific Factors Model,a 5% Increase in the Price

question 37

Multiple Choice

In the specific factors model,a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to _,the production of cloth to _,and the production of food to .

• A)increase by less then 5%; decrease; increase
• B)remain constant; increase; increase
• C)increase by 5%; remain unchanged; remain unchanged
• D)increase by more then 5%; increase; remain unchanged
• E)remain constant; decrease; decrease

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Definitions:

Life Estate

A property interest where an individual (the life tenant) has the right to use, occupy, and benefit from a property during their lifetime, after which the property typically reverts to a remainderman.

Matrimonial Home

The dwelling that a married couple or civil partners occupy as their family home.

Will

A legal document that outlines how an individual's assets and properties will be distributed after their death.

Exclusive Possession

Refers to the right of a tenant or landholder to use and control their leased or owned property without interference.