Workers displaced because of trade:
a. have had larger losses in manufacturing compared with services.
b. have had larger losses among older workers than younger workers.
c. are likely to find replacement jobs within 3 years.
d. have experienced all of these answer choices.
Ans: d. have experienced all of these answer choices.
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There are no quasilinear tastes that have constant elasticity of substitution.
Answer the following statement true (T) or false (F)
Over time, an increase in a nation's stock of physical capital will:
a. shift the production possibilities curve inward. b. cause an economy to operate inside its production possibilities curve. c. shift the production possibilities curve outward. d. eliminate the basic economic problem of scarcity.
Workers determine the supply of labor, and firms determine the demand for labor
a. True b. False Indicate whether the statement is true or false
Measurements of TFP indicate that the East Asian success story is based on
A) a significantly different economic model from the one followed in the West. B) unusually large amounts of innovation. C) rapid increases in the education of the work force. D) high amounts of savings and investment.