1 Structural unemployment

arises from the time it takes employers to find appropriate employees

arises from recession.

is due to changes in the structure of the economy

is due to seasonal changes.

2 Coca-Cola created a sweeter version of its Minute Maid orange soda to appeal to the Indian population's tastes. This is an example of the globalization of ______________.

Production

Distribution

Labour force

Markets

3 Large quantities of furniture from Japan arrive in Canada. Which of the following situations is the likely result?

Prices remain relatively stable as both foreign and domestic suppliers try to keep prices neither too high nor too low.

Consumers benefit from a greater supply of furniture at lower prices.

The imports are rejected as consumers decide to remain loyal to domestic companies.

Domestic furniture companies take advantage of the increased demand to raise their prices.

4 Heather's chain of clothing stores is expanding to India and South Africa. She plans to adjust her designs and marketing to reflect the tastes of the local populations. Describe the phrase that would best sum up Heather's approach.

globalization of production

think globally and act locally

globalization of markets

think locally and act universally

5 What is the term for the quantities which consumers are willing and able to buy per period of time at various prices?

Demand.

Market.

Supply.

Human wants.

Desire.