Countries Such as China and South Korea Have Increased Not

question 84

Multiple Choice

Countries such as China and South Korea have increased not only the size of their labor force but also the quality of their labor force over time.Workers in these countries have higher levels of education and skills that promote changes in the productivity per worker.If this is the case, these countries have experienced:

• A)growth but not development.
• B)development but not growth.
• C)both development and growth.
• D)neither growth nor development.

---

Definitions:

Demand

The total amount of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Price Range

The spread between the highest and lowest prices of goods or services in the market.

Demand

It is the quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Perfectly Elastic

Perfectly elastic refers to a situation where the quantity demanded or supplied of a good changes infinitely in response to any change in price, represented by a horizontal demand or supply curve.