Define labor standards as proposed by the ILO
What will be an ideal response?
Prohibition of forced labor, freedom of association, the right to organize and bargain collectively, an end to the exploitation of child labor, and nondiscrimination in employment
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Suppose that labor productivity in one economy is higher than it is in some other economy. Does that mean that the first economy is using its productive resources better than the second economy? Explain
What will be an ideal response?
Which of the following goods is the most liquid?
A. House B. Saving deposit C. Painting by Monet D. Antique sword from WWI
The money, time, and opportunity used to change prices to keep pace with inflation are called:
A. menu costs. B. shoe-leather costs. C. tax distortions. D. the velocity of inflation.
Money doesn't have to have any inherent value to function as a medium of exchange.
Answer the following statement true (T) or false (F)