How are goods and services produced in the global economy?
A. Developing countries use less human capital but just as much physical capital as advanced economies.
B. Emerging economies use more capital-intensive technology than do developing economies.
C. Human capital in all economies is similar.
D. Advanced economies use less capital than developing economies.
B Developing countries have less capital than emerging econo-mies.
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According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
If an industrial union is able to negotiate a wage above the market-clearing wage, employment in the industry will
a. increase b. decrease c. increase, if the union can restrict the supply of labor d. increase, if the union can increase the supply of labor e. decrease due to the strike-breaking activity of the firm