Which furniture production process would have the highest wage rates?
a. furniture made by handsaw and hammer
b. furniture made with power equipment
c. furniture made by grade school-educated workers
d. furniture made in an automated furniture factory
d
Economics
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Empirical tests of the HO model have had mixed results. One explanation for this is that
A) the Ricardian model is more detailed. B) it is difficult to measure factor endowments. C) it does not explain the effects of trade on income. D) it assumes that countries have different technologies.
Economics
“Economics cannot be scientific because it is based upon the value judgment that ‘more (output) is better’.” Do you agree?
Please provide the best answer for the statement.
Economics