If companies from foreign countries build and operate factories in China, then China's productivity
a. and the wages of Chinese workers increase.
b. increases but the wages of Chinese workers decrease.
c. decreases but the wages of Chinese workers increase.
d. and the wages of Chinese workers decrease.
a
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The value of money or income in terms of the quantity of goods the money can buy is called its
A) nominal value. B) marginal value. C) real value. D) implicit value.
Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is accounting profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
In a market economy, the three economic questions are answered by which of the following?
a. Prices determined by the interaction of the forces of supply and demand. b. A cartel of major transnational corporations, government agencies, and consumer advocates. c. A trilateral commission of major corporations, the military, and elite university professors. d. A central authority such as people's committee, a government agency, or a dictator.
Scarcity is a problem faced by all but the wealthiest of citizens
a. True b. False Indicate whether the statement is true or false