Refer to the Information Provided in Figure 13

question 243

Multiple Choice

Refer to the information provided in Figure 13.1 below to answer the questions that follow. Figure 13.1
-Refer to Figure 13.1. At wage rate $6, there is a ________ of labor equal to ________ million people.

• A) shortage; 180
• B) shortage; 60
• C) surplus; 180
• D) surplus; 60

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Definitions:

Local Firm

A business establishment that operates in a specific geographical area, typically offering products or services to a local market or community.

International Marketplace

A global economic environment where goods, services, and capital move across borders, allowing for the exchange and consumption beyond local and national markets.

Capital

Refers to wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.

Direct Investment

The acquisition of a controlling interest in a foreign business by making investments such as purchasing the company's stock directly.