Countries with high labor costs tend to:
a. rely on only one method for the production of goods
b. use more labor rather than capital in the production process.
c. use more capital rather than labor in the production process.
d. be relatively poor countries.
c
You might also like to view...
Due to the subjective nature of the questions that would be needed to determine if someone is underemployed or a discouraged worker, adjusting the unemployment rate to accurately reflect these situations
A) is very easy to do. B) is somewhat difficult. C) is impossible. D) Since so few people are actually underemployed or discouraged workers, adjusting the unemployment rate to reflect these situations is considered an unnecessary waste of time.
Money as a medium of exchange refers only to
A) currency. B) gold coins. C) anything that is generally accepted as payment for goods and services. D) checks at commercial banks.
Occupational licensing is an example of an entry barrier that improves a country's standard of living
Indicate whether the statement is true or false
The rate-of-return regulated public utility can have incentive to use more capital than is efficient relative to other inputs
Indicate whether the statement is true or false