Since 2000, the overall growth rates among emerging countries have been
A. negative every year.
B. higher than the overall growth rates among advanced nations.
C. positive but lower than the overall growth rates among advanced nations.
D. lower than the overall growth rates among other developing nations.
Answer: B
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Points inside a production possibilities curve are ________ and ________
A) efficient; unattainable B) inefficient; unattainable C) efficient; attainable D) inefficient; attainable
A monopsony will hire another worker if the
A) marginal cost of labor exceeds the value of marginal product. B) marginal cost of labor is less than the value of marginal product. C) marginal cost of labor is less than the wage rate. D) wage rate exceeds the value of marginal product.
Cost minimization suggests that two inputs should be employed to the point where
A) the marginal cost of each input is identical. B) the marginal revenue product of each input is identical. C) the marginal physical product per dollar spent on each input is identical. D) the extra contribution to physical output of the inputs is identical.
When a U.S. company shifts some of its production to Mexico, it is engaging in:
A. outsourcing. B. insourcing. C. self-sufficiency. D. involuntary exchange.