If Australia has more land per worker, and Belgium has more capital per worker,then if trade began between these two countries
A) the real income of landowners in Belgium would decline.
B) the real income of capital owners in Australia would increase.
C) the real income of labor in Australia would decline.
D) the real income of labor in Belgium would decline.
E) the real income of labor in both countries would decline.
A
You might also like to view...
If the rate of inflation is 4 percent and the real interest rate is 3 percent, the nominal interest rate should be
A. 1 percent B. 4 percent C. 7 percent D. 11 percent
Long-run cost functions are estimated using
A) time-series regression analysis. B) cross-sectional regression analysis. C) cost accounting data. D) None of the above
The marginal physical product (MPP) is calculated by
A) dividing total physical product by labor. B) dividing the change in total physical product by the change in the input. C) dividing the change in total cost by the change in labor. D) the difference between the output of skilled and unskilled workers.
What is one thing the Fed can do to slow the growth of the money supply?
a. sell bonds b. buy bonds c. decrease the discount rate d. lower reserve requirements