If the labor pool effect of globalization is equal in strength to the market expansion effect, then globalization will lead to __________ in wages and __________ in the number of workers hired.
A. a decrease; no change
B. no change; an increase
C. an increase; no change
D. no change; a decrease
Answer: B
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Resources are efficiently allocated when production occurs at that point at which
a. marginal cost intersects average variable cost b. price is equal to average revenue c. price is equal to marginal cost d. marginal revenue equals marginal cost e. price is equal to average variable cost
Menu costs help explain
a. sticky-price theory. b. misperceptions theory. c. sticky-wage theory. d. All of the above are correct.
Baumol argued that in an economy where productivity is growing in most sectors (called progressive sectors) and lagging in a few (non-progressive sectors), employment can still increase in the non-progressive sectors:
a. if employers in the non-progressive sectors lower wages. b. by investing in more labor-saving technology in the non-progressive sector. c. by raising prices in all sectors. d. as long as resources are transferred to the progressive sector. e. by transferring resources from cost-saving innovation in the progressive sector to the non-progressive sector
Saving is a(n) ________ and wealth is a(n) ________.
A. asset; liability B. stock; flow C. flow; stock D. liability; asset