In Free and Competitive Markets,shortages Are Eliminated by

question 93

Multiple Choice

In free and competitive markets,shortages are eliminated by

• A)government price controls.
• B)rationing.
• C)black markets.
• D)price increases.
• E)price decreases.

Examine the theories explaining global inequality.

Understand the impact of globalization on worldwide interconnectivity.

Recognize the classification and development status of countries within the global system.

Analyze the impact of economic partnerships between Global North and Global South on industrialization and development.

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Definitions:

Minimum Wage

The lowest legal salary that employers can pay workers, set by government policy to ensure a minimum standard of living for employees.

Unemployment

The state of being without a job despite actively looking for employment, often measured by the unemployment rate, which is the percentage of the labor force that is jobless.

Theory

A systematic ideology or framework that explains phenomena, based on a significant body of evidence.

Gini Coefficient

The Gini Coefficient measures income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).