According to this Application, international statistics show that the developing countries are ________ and the developed countries are ________
A) creditors; creditors B) creditors; debtors C) debtors; debtors D) debtors; creditors
B
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To be effective in raising people's wages, a minimum wage must be set
A) above the equilibrium wage rate. B) below the equilibrium wage rate. C) equal to the equilibrium wage rate. D) below $7. E) either above or below the equilibrium wage depending on whether the supply curve of labor shifts rightward or leftward in response to the minimum wage.
The high unemployment of 2008–2010 caused a substantial decrease in inflation, which created fears of deflation.
Answer the following statement true (T) or false (F)
Most of Europe has relatively ________ inequality, and much of Latin America and southern Africa has relatively ________ inequality.
A. high; high B. low; high C. low; low D. high; low
Refer to Table 10.2. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50. B. $60. C. $500. D. $600.