The Price of a Factor of Production That Is in Fixed

question 72

Multiple Choice

The price of a factor of production that is in fixed supply is called

• A)economic rent.
• B)economic profit.
• C)a compensating differential.
• D)opportunity cost.

Understand the consequences of trade restrictions on economies.

Recognize the importance of the balance of payments and foreign exchange markets in international economics.

Understand the role of labor mobility, income sources, and the shift from rural to urban settings in economic development.

Comprehend the significance of public goods, externalities, and the differentiation between private and public sector needs.

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Definitions:

Home-visiting Program

Home-visiting programs are services delivered by professionals, such as nurses or social workers, directly to families' homes with the aim of providing support, education, and resources to parents and children.

Training Program

A structured plan designed to impart specific skills or knowledge to participants for personal development or career advancement.

Community Organizer Model

A strategy or approach that focuses on empowering individuals within communities to initiate and lead change through collective action and advocacy.

Community Action Plans

Community action plans are strategic outlines developed by communities to address specific issues or goals, involving the collaboration of various stakeholders.