In the long run, an increase in FDI in the manufacturing sector will:
a. increase marginal product of labor in the agriculture sector.
b. increase marginal product of labor in the manufacturing sector.
c. decrease marginal product of labor in the agriculture sector.
d. not change the marginal product of labor in either sector
Answer: d. not change the marginal product of labor in either sector
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Why do private markets tend to undersupply nonrivalrous goods?
a. Because free riders will refuse to pay for these goods. b. Because the tragedy of the commons will reduce their value to zero. c. Because people have an incentive to understate their preferences for these goods. d. Because the efficient price for these goods is zero.
Which of the following would not be considered a negative externality?
a. loud rap music at 2 a.m. in the apartment next door to you b. traffic congestion c. an Alaskan oil spill d. measles vaccinations e. air pollution
If the U.S. government determines that the cost of feeding an urban family of four is $7,500 per year, then the official poverty line for a family of that type is
a. $7,500. b. $15,000. c. $22,500. d. $30,000.
Ransom E. Olds
A. was the first automobile manufacturer to use a division of labor and an assembly line. B. was the first automobile manufacturer to manufacture a standardized engine with interchangeable parts. C. sold millions of cars at a small unit of profit that allowed his company to dominate the industry. D. All of the choices are true.