Most Urban Workers in LDCs Are Employed in __________

question 99

Multiple Choice

Most urban workers in LDCs are employed in __________.

• A)the formal sector
• B)the modem sector
• C)the informal sector
• D)the industrial sector

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Definitions:

Budget Constraint

The limit on the consumption bundles that a consumer can afford to purchase based on their income and the prices of goods and services.

Goods X

A placeholder term typically used in economic models to represent a generic good or product.

Marginal Rate

This refers to the rate at which one variable changes with respect to a change in another variable, commonly used in economics and finance to describe rates of substitution and transformation.

Perfect Substitutes

Two goods with straight-line indifference curves.