Low labor standards are usually associated with
A) nondemocratic governments.
B) high-income countries.
C) high-wage countries.
D) low foreign investment.
D
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Marginal productivity theory implies that in a perfectly competitive market economy, a worker will receive income
A) that is less than the value of her marginal contribution to the production process. B) equal to the value of her marginal contribution to the production process. C) that is greater than the value of her marginal contribution to the production process. D) greater than, less than, or equal to the value of her marginal contribution to the production process, depending on her ability to negotiate with employers.
Which of the following is false? a. We do not have information on nonmarket transactions output that is reliable enough to include it in the GDP. b. The most important nonmarket transaction omitted from GDP are services provided directly in the home. c. The value that individuals place on leisure is omitted in calculating GDP
d. All goods and services exchanged in the current period are included in this year's GDP.
The expenditure schedule includes the consumption function.
Answer the following statement true (T) or false (F)
A shortage of product means a(n):
A. excess supply of the product. B. excess demand of the product. C. situation where the quantity demanded is less than the quantity supplied. D. situation where the current market price is too high.