Suppose a young person asked you for job advice in a globalized economy. Which of the following sectors would you try to dissuade them most from entering?
A. Finance sector
B. Skilled profession in tradable sectors
C. Commodities
D. Manufacturing sector
Answer: C
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The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply. B. cross-price elasticity of demand. C. price elasticity of demand. D. income elasticity of demand.
If the price level rises from 100 to 110 then the inflation rate is
A) 100 percent. B) 1.0 percent. C) 10.0 percent. D) 110 percent. E) None of the above answers is correct.
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) The terms "accounting profit" and "economic profit" can be used interchangeably. C) Profit is calculated by multiplying price and quantity sold. D) Profit is the difference between revenue and cost.
Using the above table, a unit tax of $2 is imposed on the product. How much of the tax is paid by the producer?
A) $2 B) $1 C) $3 D) unable to determine