If a Few Industries Contribute to a Significant Percentage of a Country's

question 65

True/False

If a few industries contribute to a significant percentage of a country's GDP, the country is at a relatively higher risk of structural unemployment.

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Definitions:

Coefficient of Price Elasticity

The coefficient of price elasticity measures how much the quantity demanded of a good or service changes in response to a change in its price, indicating its price sensitivity.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Quantity Supplied

The quantity of a product or service that suppliers are prepared to offer for sale at a specific price within a defined timeframe.

Price Elasticity

The degree to which the quantity demanded of a product changes in response to a change in its price.