Workers in industrial countries earn much higher wages than workers in developing countries because:
a. the industrial countries are labor rich and capital poor economies.
b. the industrial countries lack a steady supply of unskilled laborers.
c. the industrial countries produce labor intensive goods.
d. the marginal productivity of labor is low in the industrial economies.
e. the marginal productivity of labor is high in the industrial economies.
e
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As price decreases along a linear demand curve, price elasticity of demand decreases
a. True b. False
The recent merger of Southwest Bell (SBC) and AT&T companies is an example of a
A) horizontal merger. B) vertical merger. C) consolidation merger. D) cooperative merger.
Which of the following caused the supply curve for HD televisions to shift to the right?
a. the falling prices of component parts b. the increasing prices of shipping parts c. old, outdated factories d. lack of technological advances
What happens when the supply of a nonperishable good is greater than what consumers want to buy?
a. the good is discarded b. the good becomes a luxury and the price rises c. either the good is saved for later sale or the price is raised d. either the good remains unsold or the price drops