In the Specific Factors Model,a 5% Increase in the Price

question 12

Multiple Choice

In the specific factors model,a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause ________ in the welfare of labor,________ in the welfare of the fixed factor in the production of food,and ________ in the welfare of the fixed factor in the production of cloth.

• A) no change; no change; no change
• B) an increase; an increase; an increase
• C) a decrease; an increase; an increase
• D) an increase; a decrease; a decrease
• E) a decrease; a decrease; a decrease

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Definitions:

Democratic Values

Principles that uphold equality, freedom, and justice within a society, emphasizing the importance of participation and fairness in the democratic process.

Socioeconomic Status

A measure of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Voter Turnout

The percentage of eligible voters who cast a ballot in an election, indicating the level of public participation in the democratic process.

Electoral College Process

The system used to elect the U.S. president, wherein electors from each state cast votes based on the popular vote in their state.