Countries That Restrict Foreign Trade Are Likely to

question 25

Multiple Choice

Countries that restrict foreign trade are likely to

• A)forgo the additional surplus that trade allows,but will probably enjoy economies of scale.
• B)forgo the additional surplus that trade allows,but will be compensated by a higher rate of technological change.
• C)forgo the additional surplus that trade allows,but will have a lower rate of unemployment.
• D)have more firms with domestic market power.

Understand how external factors such as technology, the labor force, and legislation affect organizational strategies and HR practices.

Identify key factors that determine the availability of labor in the workforce.

Understand union objectives and the key issues they aim to resolve.

Define demographics and grasp its significance in HR planning and strategy.

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Definitions:

Gross Profit

The difference between the revenue generated from sales and the cost of goods sold, before accounting for operating expenses, interest, and taxes.

Billings

Billings refer to the total amount of revenue recognized by a company before deducting expenses, often in the context of a professional firm.

Construction In Progress

This refers to the balance sheet classification of the cost of construction projects that are not yet complete.

Liability

A financial obligation or debt owed by a business to another entity, which requires settlement through the transfer of assets or services.