In China
A) wages are beginning to rise, reducing its comparative advantage.
B) there is little advantage from scale economies.
C) the middle class is not expanding.
D) poor coastal areas limit trade.
A
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This chapter discussed the free-rider problem. Consider the following two situations in relation to the free-rider concept
a. The Taft-Hartley Act (1947) allows workers to be employed at a firm without joining the union at their workplace or paying membership fees to the union. This arrangement is known as an open shop. Considering that unions negotiate terms of employment and wages on behalf of all the workers at a firm, why do you think that most unions are opposed to open shops? b. For your business communication class, you are supposed to work on a group assignment in a team of six. You soon realize that a few of your team members do not contribute to the assignment but get the same grade as the rest of the team. If you were the professor, how would you redesign the incentive structure here to fix this problem?
When demand is perfectly inelastic with respect to price, the demand curve is horizontal
Indicate whether the statement is true or false
The corporate income tax can be understood fully without reference to other elements of the federal tax code
a. True b. False
Demand is more price-elastic
A. If the product is a small part of the consumer's budget. B. In the long run. C. If the product is a necessity. D. If the product has very few substitutes.