Which of the following statements describes the long-run effects of global outsourcing?
A) Wages for U.S. workers will decrease but wages in other countries will increase.
B) Wages in all countries will remain the same as before the outsourcing.
C) Wages and employment will increase globally.
D) Wages will increase globally and employment will stay the same.
Answer: C
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Labor productivity measures
A) the growth of real output. B) real output per labor hour. C) the growth in the quantity of labor. D) the growth of per capita real GDP.
In choice sets, intertemporal budget constraints illustrate consumption trade-offs over time.
Answer the following statement true (T) or false (F)
In the TE-TP framework, total production
A) always equals total expenditures. B) equals Real GDP. C) is always greater than total expenditures. D) is always less than total expenditures.
Answer the next question based on the following data.OutputTotal Cost0$24133241348454561669What is the average variable cost of the 4th unit of production?
A. $13.50 B. $24.00 C. $6.00 D. $7.50