An Industry Uses Cheap Overseas Labour for Assembling Products

question 76

Multiple Choice

An industry uses cheap overseas labour for assembling products. This lowers the price for consumers and is an example of:

• A) licensing.
• B) joint venture.
• C) outsourcing.
• D) franchising.
• E) None of these.

Differentiate between the developmental tasks and needs of middle-aged persons versus older persons.

Recognize the importance of physical well-being and socialization in older adults.

Utilize theories on aging to guide nursing care.

Acknowledge and address the unique preferences and cultural aspects of care in older adults.

---

Definitions:

Adverse Supply Shock

A sudden and significant decrease in the supply of a good or service, which typically leads to an increase in prices and can temporarily boost inflation.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between the level of unemployment and the rate of inflation in an economy over the short-term.

Inflation

The degree of uptick in the universal valuation of goods and services, weakening purchase potency.

Natural Rate

The unemployment rate at which the economy operates when it is at full employment, reflecting the long-term levels of unemployment due to structural factors in the labor market.