Which of the following would be most likely to improve the standard of living of people in less-developed nations?
a. The development of strong labor unions.
b. An increase in foreign investment.
c. An increase in the share of the population under 15 years of age.
d. Higher tariffs and the imposition of other restraints designed to restrict international trade.
b
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Refer to the scenario above. If the economy is currently on F2 and produces Y3 level of output, a leftward shift of the labor demand curve with no change in productivity will cause output to ________
A) increase from Y3 to Y4 B) decline from Y3 to Y1 C) decline from Y3 to Y2 D) increase from Y3 to Y5
Explain why the Phillips curve on average is downward sloping
What will be an ideal response?
Suppose the economy's production function is Y = AK0.3N0.7. When K = 1000, N = 50, and A = 15, what is Y?
A) 1842 B) 6106 C) 750,000 D) 123
Wage differentials between industries can be affected by productivity differences
Indicate whether the statement is true or false