When the Relative Prices of U

question 98

Multiple Choice

When the relative prices of U.S.-manufactured goods go up, the result is

• A) an increase in exports.
• B) a decrease in exports.
• C) a decrease in imports.
• D) no net change in imports or exports.

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Definitions:

Early 1970s

A period marked by significant cultural, political, and technological changes worldwide, roughly spanning from 1970 to 1974.

Polarization Between Jobs

The growing divide in job quality and security, often leading to high-wage, highly skilled jobs at one extreme and low-wage, insecure jobs at the other.

Recent Changes In Work

Transformations in the labor market, work environments, and job structures, driven by factors such as technology, globalization, and social trends.

Workplace Redefinition

The process of changing the understanding or composition of the work environment, often due to technological advancements, societal shifts, or changes in workforce expectations.