An essential point, among many, in the refutation of the "cheap foreign labor" argument is that
a. foreign workers have a lower standard of living.
b. foreign workers are less productive.
c. low foreign wages mean fewer exports for the United States.
d. the United States does not benefit from cheap foreign labor so the goods should be kept out.
b
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Explain the four sources of market failure
What will be an ideal response?
The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the second unit of the resource is
A. $54. B. $36. C. $18. D. $126.
How does the science of economics deal with the fact that we all have different values?
A) by assuming that values don't play a role in economic behavior B) by seeking to discover the sources of different value systems C) by using positive analysis D) by surveying the public to see what the most common values are, and then incorporating those as assumptions into their models
Refer the above figure. Stage "2" of the economy is called
A. a contraction. B. an expansion. C. a peak. D. a trough.