Developing countries can be expected to have a comparative advantage in industries requiring a relatively large amount of skilled labor
a. True
b. False
Indicate whether the statement is true or false
False
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The long-run aggregate supply curve is ________ because along it, as prices rise, the money wage rate ________
A) vertical; falls B) vertical; rises C) upward sloping; falls D) upward sloping; stays constant
Which of the following occurred following the failure of the Bank of the United States in 1930?
A) Interest rates on low-grade corporate bonds rose relative to high-rated corporate bonds. B) Other banks in New York City suffered liquidity problems. C) A bank panic ensued within days. D) The stock market crashed.
A firm has to decide between two projects that cost $10,000 each. Project A will provide a revenue $10,700 one year from now, while Project B will provide a revenue of $12,200 two years from now. The interest rate is 10% per year. This firm
A) chooses project A. B) chooses project B. C) rejects both projects. D) is indifferent between projects A and B.
If the marginal productivity of labor was the sole determinant of household income in the U.S., then
a. no households would be poor according to the official government definition of poverty. b. no households would be poor according to a relative definition of poverty. c. the distribution of income would be unequal. d. every household would have sufficient income to meet biological needs.