Both Manufacturing and Nonmanufacturing Functions Can Be _____ to Nations

question 118

Multiple Choice

Both manufacturing and nonmanufacturing functions can be _____ to nations with lower _____.

• A)sold / mortality rates
• B)outsourced / labor costs
• C)licensed / taxes
• D)charged / levels of corruption

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Definitions:

Consumer Surplus

The divergence in total potential expenditure consumers are ready to make on a good or service against actual expenses incurred.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate social welfare.

Equilibrium Price

The cost point where the amount of a product or service sought by consumers matches the amount available from producers.

Willingness to Pay

The maximum amount a consumer is prepared to spend for a good or service.