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The Effect of Trade on Specialized Employees of Exporting Industries

question 14

Multiple Choice

The effect of trade on specialized employees of exporting industries will be ________ jobs and ________ pay because they are relatively ________.

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Definitions:

Marginal Benefit

The extra pleasure or benefit gained from consuming an additional unit of a product or service.

Marginal Cost

The added financial burden of producing another unit of a product or service.

Efficient Price

The price at which the supply of a good matches its demand, leading to an optimal distribution of resources in a market.

Consumer Surplus

Consumer surplus represents the discrepancy between what consumers are prepared and capable of spending for a product or service and the actual amount they end up paying.

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