Countries with high wages cannot export to low wage countries
Indicate whether the statement is true or false
FALSE
Explanation: Wages can be higher so long as productivity is at least as much higher.
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Which curve shows the lowest average total cost at which it is possible to produce each output when the firm has time to change both its labor force and plant size?
What will be an ideal response?
Explain how the concept of externalities helps in demarcating the boundaries between the roles of government and private sector in health and health care
What will be an ideal response?
The fiscal policy action most likely to increase investment spending would be ______.
a. increasing the individual income tax rate b. decreasing the individual income tax rate c. increasing the business tax rate d. decreasing the business tax rate
Behavioral economics extends traditional economic models by
A) including insights from psychology and human cognition models. B) modeling behavior rather than prices. C) admitting that individuals are irrational. D) admitting that incentives are very important.