In the Specific Factors Model,a 5% Increase in the Price

question 52

Multiple Choice

In the specific factors model,a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________,the production of cloth to ________,and the production of food to ________.

• A) increase by 5%; remain unchanged; remain unchanged
• B) increase by less then 5%; decrease; increase
• C) increase by more then 5%; increase; remain unchanged
• D) remain constant; increase; increase
• E) remain constant; decrease; decrease

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Definitions:

Forecasting Human Resources

involves predicting an organization's future workforce needs to ensure it has the right number of employees with the necessary skills.

Organizational Objectives

The goals or targets that a company aims to achieve, which guide its operational and strategic activities.

Business Cycles

Business cycles refer to the fluctuations in economic activity that an economy experiences over a period, characterized by expansion and contraction phases.

Labour Mobility

The extent to which workers can move easily between jobs, locations, or industries, influenced by factors such as regulations and qualifications.