Symbols: Q = Number of Workers Demanded; W = Wage

question 98

Multiple Choice

Symbols: Q = number of workers demanded; W = wage rate; and VTP = value of the cumulative total product (output) of the particular number of workers. Assumptions: (1) The current wage in Zinnia is $20, and the current wage in Marigold is $12; (2) full employment exists in both countries. If migration is costless and unimpeded, the combined value of total product in the two countries will

• A)decline from $62 to $36.
• B)decline from $120 to $70.
• C)increase from $36 to $62.
• D)increase from $62 to $70.

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Definitions:

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Middle Childhood

A developmental stage that occurs roughly between the ages of 6 to 12 years, characterized by significant growth in social, cognitive, and emotional domains.

Adolescence

Adolescence is the developmental stage that occurs between childhood and adulthood, typically characterized by physical, psychological, and social changes.

Early Adulthood

This life stage follows adolescence, typically involving individuals aged 20 to 40, characterized by increased independence, career establishment, and often the formation of long-term relationships.