The returns that skilled engineering professionals earn consist of both transfer earnings and economic rent. This implies that:
a. demand for these professionals is highly elastic.
b. the supply curve of skilled engineering professionals is upward-sloping.
c. the supply curve of skilled engineering professionals is backward bending.
d. demand for these professionals is perfectly inelastic.
e. the supply curve of skilled engineering professionals is vertical.
b
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A government program that attempts to stimulate domestic production of a good in which the country has a natural comparative advantage because of its domestic resources is an example of a(n) ________ policy
A) primary-export-led B) import-substitution development C) outward-looking development D) linkage-effect
The dollar appreciates against the euro when U.S. demand for European goods increases
a. True b. False Indicate whether the statement is true or false