Which of the following is an example of outsourcing?
A) A U.S. firm moves a manufacturing plant from the U.S. to Thailand where the firm can hire cheaper labor.
B) A German firm hires an accountant in the U.S. to manage its payrolls.
C) All the above are examples of outsourcing.
D) None of the above is an example of outsourcing.
Answer: C
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The marginal product of labor (MPL) can be calculated from the following ________
A) the labor share of income and the average output per unit of labor B) the labor share of income and average labor per worker C) output and labor D) the labor share of income and output E) none of the above
A price-discriminating monopolist will tend to charge a higher price to senior citizens if it believes that senior citizens: a. have a lower willingness to pay than other demanders. b. have a greater willingness to pay than other demanders. c. have very elastic demand curves
d. have horizontal demand curves.
According to economists, productivity can be increased by
a. improving the education of workers b. restricting trade with the foreign countries c. raising minimum wages d. raising union wages
Say's Law is consistent with the _______ view of the economy.
A. Classical B. Keynesian C. Monetarist D. Supply-side