Made in the USA or Made in China has less meaning for products that
A) are a commodity such as iron ore.
B) are an agricultural product such as wheat.
C) are a product that is technological and involves assembling many different types of sometimes sophisticated components.
D) are a product that is produced and consumed domestically.
E) were produced fifty years ago versus the types of products manufactured today.
C
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The reason that average labor costs are higher in the United States than in Haiti is that
A) workers are more productive in the United States. B) U.S. workers have a comparative advantage. C) Haitian workers have a comparative advantage. D) Haitian workers do not have union representation.
Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs b. a superstar professional basketball player is paid more than the average professional player c. cable television installers have a higher wage than telephone installers d. an airline pilot is paid more than a flight attendant e. a worker in a toxic waste plant earns more than a teacher