When a Nation Exports a Good or Service in Which

question 205

Multiple Choice

When a nation exports a good or service in which it has a comparative advantage,employment in that industry

• A) decreases.
• B) stays the same.
• C) increases.
• D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change.
• E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.

Understand the concept and application of average and marginal product in economics.

Distinguish between short-run and long-run periods in economics and understand the implications for resource variability.

Evaluate the impact of changing inputs on total, average, and marginal products.

Identify and analyze fixed and variable costs in short-run production.

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Definitions:

Pension Benefits

A form of retirement savings typically provided by employers, where employees receive a fixed amount upon retirement based on salary and years of service.

Earning Power

An individual's ability or potential to earn money, commonly influenced by education, skills, and experience.

Forms Of Power

Various ways in which power can manifest in social dynamics, including coercive, authoritative, manipulative, and collaborative forms.

Marriages

Socially or legally recognized unions between two people as partners in a personal relationship, often involving ceremonies and vows.