The replacement ratio is defined as
a) The cost of replacing a worker
b) The cost of employing a new worker relative to the value of output they could produce
c) The cost of replacing capital relative to the book value of existing capital
d) Unemployment benefit as a share of previous earnings
e) None of the above
d) Unemployment benefit as a share of previous earnings
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The circular flow model shows the
A) distribution of income and consumption goods across income levels. B) combinations of the factors of production needed to produce goods and services. C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions. D) flow of natural resources from firms to the private market to government and back to firms. E) distribution of income to the different factors of production.
Capital flows between countries are smaller than in past decades in absolute terms
Indicate whether the statement is true or false