The brain drain refers to the effects of Dutch Disease when the infection spreads to other countries
Indicate whether the statement is true or false
FALSE
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Slower real wage growth in the U.S. since the 1970s accompanied by rapid job growth, can be explained by:
A. a productivity slowdown accompanied by a decrease in the labor supply. B. skill-biased technological change. C. globalization. D. a productivity slowdown accompanied by an increase in the labor supply.
In a perfectly competitive market, if market price is higher than the average total cost of production, ________
A) firms will incur losses in the long run B) firms will make profits in the long run C) new firms will enter the industry D) firms will exit the industry
An outward shift of a nation's production possibilities frontier represents
A) a situation in which a country produces more of one good and less of another. B) an impossible situation. C) economic growth. D) rising prices of the two goods on the production possibilities frontier model.
Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If A rises by 10 percent, and K and N are unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%