Which of the Following Is a Key Macro Factor That

question 105

Multiple Choice

Which of the following is a key macro factor that underlies the trend toward greater globalization?

• A)Technological change,particularly in communication,information processing,and transportation
• B)Uniformity achieved in the level of education and standards of living across the world
• C)Establishment of global institutions like the WTO and IMF to promote spread of globalization
• D)Increase in subsidies to ailing sectors like agriculture

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Definitions:

Vote Determination

The process by which preferences or decisions are expressed and counted, often within the context of elections or decision-making bodies, to decide outcomes.

Profit Maximization

The method through which a company identifies the pricing and production quantity that yields the highest profit.

Production Function

A mathematical relationship capturing the quantity of output that can be produced from a given set of inputs, such as labor and capital, under certain assumptions of technology and efficiency.

Labor

Human effort, both physical and mental, used in the production of goods and services.