Which of the following would be most likely to cause the per capita income of less-developed countries to rise?
A. development of strong labor unions
B. more rapid population growth
C. investment expenditures that enhance the human capital of labor force participants
D. an international minimum wage law
Answer: C
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Suppose player 1 potentially moves twice in a sequential game, each time choosing from one of two possible actions -- "Left" or "Right". His first move is at the beginning of the game. He gets to move a second time if he moved "Left" the first time and after observing one of two possible actions by player 2 ("Up" or "Down"). But if he moves "Right" in the first stage, he gets no further moves and the game ends after player 2 chooses one of two actions ("Up" or "Down"). Draw the game tree and list all possible strategies for players 1 and 2.
What will be an ideal response?
Over the past 70 years in the United States, employment in service-producing industries had increased significantly and employment in goods-producing industries has declined significantly. Economists would refer to this process as
A) the classical dichotomy. B) production parity. C) demographic imbalance. D) sectoral shifts.
In the IS-LM model, if interest rates rise while output falls the
a. money supply must have fallen. b. price level must have fallen. c. money supply must have risen. d. level of government spending must have fallen. e. none of the above.
When state and local governments provide public schools with a per-unit subsidy to provide educational services, the price that the schools providing these services receive is
A) less than the price that consumers pay to receive educational services. B) less than the amount of the per-unit subsidy that the schools receive. C) greater than the market clearing price without the subsidy. D) equal to zero.