In the long run, foreign labor remains cheap when and if
a. it becomes highly efficient and competes successfully internationally.
b. countries erect barriers to trade between poor countries.
c. productivity increases more rapidly in poor countries than in rich countries.
d. it remains inefficient compared to other countries' labor.
d
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Which of the following is a similarity between a tax and a subsidy in a competitive market without any externalities? a. Both result in deadweight loss
b. Both result in a decrease in demand. c. Both result in an increase in price. d. Both result in an increase in government revenue.
The United States federal government has a large budget deficit. Long-term projections suggest that under current law, taxes, as a percentage of GDP, will __________ and government spending, as a percentage of GDP, will __________
Fill in the blank(s) with correct word