Intraindustry Trade Relies on

question 48

Multiple Choice

Intraindustry trade relies on

• A)economies of scale.
• B)the product cycle.
• C)differences in factor endowments.
• D)monopoly pricing.

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Definitions:

Cartels

An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.

Non-Unionized Industries

Sectors of the economy where labor unions do not represent the workforce, often resulting in different labor standards and wages.

Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers may legally pay to workers.

Structural Unemployment

Unemployment caused by changes in the industrial makeup of an economy or technological innovations that render certain job skills obsolete.