All else equal, the jobs that are the least likely to be outsourced are those that:
A. require face-to-face communication.
B. can be broken down into series of well-defined steps.
C. can be done by a computer.
D. do not involve face-to-face contact.
Answer: A
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In a purely competitive labor market, a profit-maximizing firm will hire labor up to the point where the marginal revenue product of labor equals the
A. wage rate, or the price of labor. B. marginal cost of one extra unit of output. C. price of the product. D. average cost of each unit of output.
How might a market research analyst use measures of elasticity—price, cross, and income—in her work? Explain.
What will be an ideal response?
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.30 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what is Always There Wireless's total profit?
A. $11,200 B. $13,200 D. $12,700
When the ratio of a housing price index to the GDP deflator is rising, this means that housing prices are rising faster than the overall price level.
Answer the following statement true (T) or false (F)