Opening trade between a nation that has "cheap labor" and one that has "expensive labor" will
a. lower the standard of living in both countries.
b. raise the standard of living in both countries.
c. raise the standard of living in the "expensive labor" country and lower the standard of living in the "cheap labor" country.
d. raise the standard of living in the "cheap labor" country and lower the standard of living in the "expensive labor" country.
B
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On an average, growth in per capita income is associated with a:
A) fall in inequality. B) fall in poverty. C) rise in poverty. D) rise in inequality.
Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy
It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions." A) Adam Smith B) John Maynard Keynes C) President Harry Truman D) Alfred Marshall
Economic models
a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models. b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models. c. are simplifications of reality, and in this respect economic models are no different from other scientific models. d. are simplifications of reality, and in this respect economic models are very different from other scientific models.
All of the following are factors that will change demand and shift the demand curve, EXCEPT Question 20 options:
A. the price of the good itself. B. preferences. C. income. D. the prices of related goods.