Farming in poor countries is considered to be ________ intensive because ________.
A. labor; the tools in poor countries are more plentiful than the people
B. labor; labor is typically relatively cheaper than machinery in poor countries
C. capital; the labor used is concentrated, spread thinly across a lot of capital
D. capital; the tools in poor countries are relatively cheaper than the cost of using people in poor countries
Answer: B
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Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one disadvantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would not have control of the business. B) As a sole proprietor, Torrie would face unlimited liability. C) As a sole proprietor, Torrie would be taxed twice. D) As a sole proprietor, Torrie would be subject to significant rules and regulations.
For a firm in a perfectly competitive industry, the demand curve for its own product is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
For a given real interest rate, an increase in the inflation rate reduces the after-tax real interest rate
a. True b. False Indicate whether the statement is true or false
A retail store cuts the prices of the products it sells to force its competitor to leave the market. This is prohibited by the
A) Sherman Act. B) Robinson-Patman Act. C) Aldrich Act. D) FTC Act.