Globalization ________ the wages of workers in the exporting industries and ________ the wages of workers in the import-competing industries.
A. raises; raises
B. lowers; raises
C. raises; lowers
D. raises; does not change
Answer: C
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The assumption that the magnitude of the slope of an indifference curve decreases moving to the right along the indifference curve is known as the assumption of
A) the price effect. B) a diminishing marginal rate of substitution. C) an increasing marginal rate of substitution. D) an indifference curve effect.
If the demand for cell phone service is inelastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). B) the percentage change in quantity demanded is less than the percentage change in price (in absolute value). C) the percentage change in quantity demanded is equal to the percentage change in price. D) the quantity demanded does not change in response to changes in price.
Total Government Debt is the sum of previous surplus and deficits.
A. True B. False C. Uncertain
Exhibit 8-19 Long-run perfectly competitive industry
As shown in Exhibit 8-19, assume that a perfectly competitive industry is in long-run equilibrium at point A. If the demand curve shifts from D1 to D2, the adjustment sequence between points will be:
A. A to B, then back to A. B. A to D, then back to A. C. A to D, then to C. D. A to B, then to C.