Which of the Following Events Will Cause a Surplus of Workers

question 4

Multiple Choice

Which of the following events will cause a surplus of workers?

• A) a wage above the market-clearing wage
• B) an increase in the supply of workers
• C) a decrease in the demand for workers
• D) more workers wanting to work at higher wages

Recognize the characteristics of normally distributed data and its implications for mean, median, and mode.

Understand the principles of measures of central tendency and variability, and their importance in describing datasets.

Develop the ability to construct and interpret frequency distributions, histograms, and ogive curves.

Compute basic statistical measures such as range and standard deviation from given data.

---

Definitions:

Comparative Advantage

A concept in international trade that refers to the ability of a country to produce a good or service at a lower opportunity cost than its trade partners.

International Trade

The exchange of goods, services, and capital across international borders or territories.

Cloth Production

The process of creating textile fabrics from natural or synthetic fibers through various methods including weaving, knitting, and felting.

Opportunity Cost

The forfeiture of advantageous outcomes from different possibilities upon making a specific choice.