Recent decades have seen an increased share of exports due to globalization. Globalization has occurred for a number of reasons. List three reasons and briefly describe their effect on globalization
Globalization has occurred for a number of reasons. Improvements in shipping and air cargo have driven down transportation costs. Innovations in computing and telecommunications have made it easier and cheaper to manage long-distance economic connections of production and sales. Many valuable products and services in the modern economy can take the form of information. These products and many others can be transported over telephones and computer networks at ever-lower costs. Finally, international agreements and treaties between countries have encouraged greater trade.
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The market structure of perfect competition exists when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of differentiated products. D) there are many producers of a homogeneous product.
Much of a person's increased productivity can be linked to
A) on-the-job training. B) the prevalent marginal tax rate. C) the price elasticity of demand for the product. D) the income elasticity of demand for the product.