What Is One's Social Status Based on in a Closed

question 30

Multiple Choice

What is one's social status based on in a closed society?

• A) membership in a favoured group
• B) education
• C) ascription
• D) race

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Definitions:

Short Run

A time period in economics during which some factors of production are fixed, influencing decisions on production and costs.

Plant Size

Refers to the physical capacity or scale of a manufacturing facility, which can affect production efficiency, costs, and the firm's ability to satisfy market demand.

Long Run

A period in which all factors of production and costs are variable, allowing for all adjustments to be made within an economy or firm.

Fixed Input

Inputs used in production that cannot be varied in the short term, such as buildings or machinery.