Given the Republic of Korea's experience, what can we conclude about comparative advantage?
What will be an ideal response?
It can change over time. More skill and more capital can be developed as income rises, changing productivity.
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Discounting is the process whereby
A) present values are adjusted to their future value, using the interest rate. B) future values are converted to their value today, using the interest rate. C) product prices are reduced (discounted) to increase sales and profits today. D) future values are adjusted for inflation.
For which type of job would you expect to see a compensating differential?
a. An accountant. b. A police officer. c. A senator. d. A tele-marketer.
Which of the following best describes a good with perfectly elastic supply?
A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.
The slave gang system increased labor productivity by encouraging members of a slave gang system to specialize in performing assigned tasks and working in rhythm
Indicate whether the statement is true or false