A Country Faced a Severe Recession That Resulted in Loss

question 53

Multiple Choice

A country faced a severe recession that resulted in loss of jobs and low income levels,which in turn affected the lifestyles of the consumers.Which of the following conditions are influencing the environment of the country?

• A)Political conditions
• B)Legal conditions
• C)Technological conditions
• D)Sociocultural conditions
• E)Economic conditions

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Definitions:

Wage Rate

The fixed amount of compensation or payment made to an employee by an employer in return for work performed, typically expressed on an hourly, daily, or piecework basis.

Variable Inputs

Resources used in production that vary with the level of output, such as raw materials and labor hours.

Marginal Revenue

The additional income received from selling one more unit of a good or service; it is a cornerstone concept in microeconomics for optimizing profit.

Marginal Product

The additional output that results from the use of one more unit of a variable input, assuming all other inputs remain constant, often reflecting the efficiency of the input.