A Rise in the Price of Imports or a Fall

question 175

Multiple Choice

A rise in the price of imports or a fall in the price of exports will

• A) improve the terms of trade.
• B) worsen the terms of trade.
• C) expand the production possibilities frontier.
• D) contract the production possibilities frontier.

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Definitions:

Quality Circles

Small groups of employees who voluntarily meet to discuss and propose solutions to work-related problems, aiming to improve quality, productivity, and the work environment.

Job Control Unionism

A labor union strategy focused on controlling hiring practices, job assignments, and workplace conditions to protect members' interests.

Self-Directed Work Teams

Groups of employees who are given the autonomy and skills to manage their work and make decisions without direct supervision.

Scientific Management

A management theory developed by Frederick W. Taylor in the late 19th and early 20th centuries that emphasizes optimizing and simplifying jobs for greater productivity by utilizing scientific methods to design tasks and workflow.