1 When an individual quits his/her job and decides to stay at home for a while, thelabor-force participation rate

stays the same

decreases

increases

may increase or decrease, depending on the length of time he/she stays at home

2 Indicate which of the following has an impact on globalization of production rather than an impact on globalization of markets.

A Japan-based car manufacturing company sells to more than 20 different countries worldwide.

A soda company tweaks its recipes to appeal to the tastes of consumers in different countries.

A British shoe company establishes a factory in Taiwan.

A foreign-owned company advertises its products for sale in the United States to attract consumers.

3 What is the term for a tax or duty levied on imported products?

Trade barrier.

Dumping.

Tariff.

Quota.

4 If you hear a person saying "I lost my job because I was replaced by a machine," you should conclude that this person is ________ unemployed

cyclically

seasonally

structurally

frictionally

5 All of the following except one are factors of production. Which is the exception?

Capital.

Land.

Enterprise.

Labour.

Money.