Which of the following industries would be considered to have a labor intensive production process?
A. Building a road.
B. Driving a truck.
C. Printing a novel
D. Farming in a poor country
Answer: D
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In the short run, the perfectly competitive market supply curve
a. is indeterminate b. shows the total quantities of resources used by all firms in that market, given the market price of resources c. is the same as the individual supply curve of the dominant firm d. shows the sum of the quantities of output supplied by all firms in the market at each price e. is irrelevant to potential entrants
Assume that Country X and Country Y are trading partners and the exchange rates are fixed. If prices in Country Y rise, all of the following are expected to happen except
a. Country X will export more. b. Country Y will import more. c. Net exports will rise for Country X. d. Trade will boost Country Y GDP.
Other things constant, an increase in the demand for bicycles will
a. decrease the price of bicycles. b. decrease the quantity of bicycles bought and sold. c. decrease the demand for bicycle workers and lower their wages. d. increase the demand for bicycle workers and increase their wages.
Which of the following would not be associated with a favorable supply shock?
a. the short-run Phillips curve shifts left b. unemployment falls c. the price level rises d. output rises.