Discuss why the stratification of a society is important to business.
What will be an ideal response?
Answer: Social stratification is the grouping of society on a n hierarchical basis. It is based on four principles. SS is a trait of society, not individual differences. SS carries over from generation to generation. SS is generally universal but variable. SS involves no just inequality but also beliefs. This affects the operations of companies. Mutual antagonism leads to lack of respect and makes it harder for management and labor to cooperate. This raises costs of productions and makes it more difficult for establishing a global competitive advantage.
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Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufacturing output. What will happen to the amount of land used in producing agricultural output when trade occurs?
a. It will fall. b. It will rise. c. It will not change. d. It will first fall, then rise.
The figure above shows an education market in which the government is providing households with vouchers. Excluding the voucher, what do the students pay the schools?
A) $4,000 B) $8,000 C) $12,000 D) $16,000 E) $0