The Globalization of Production That Began in the 1970s,put American

question 134

Multiple Choice

The globalization of production that began in the 1970s,put American blue-collar workers in direct competition for jobs with:

• A)overseas workers
• B)low-wage domestic workers
• C)information workers
• D)service workers

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Definitions:

Market Price

The amount of money required to purchase something or the cost at which something can be bought or sold in a free market.

Economic Profit

The difference between total revenue and the sum of explicit and implicit costs.

Marginal Revenue

Marginal Revenue is the additional income received from selling one more unit of a good or service.

Market Price

The present cost at which a service or asset is available for purchase or sale in a specific market.