Unlike developed countries, people in under-developed countries usually haggle over the prices of everyday items because:
a. the cost of production is low.
b. the products are in general of poor quality.
c. of the differences in the opportunity cost of time.
d. adequate substitutes are available.
C
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Fogel's work (1964) on the economic impact of railroads is mostly written in response to
(a) Rostow's takeoff theory. (b) Schumpeter's theory of railroads building ahead of demand. (c) David's theory of path dependency. (d) Engerman's theory of multiroute analysis.
A clear conclusion from offshoring debates and analyses is that:
a. It has significant potential to redistribute income from labor to businesses. b. Its effect is to increase unemployment in the nation from which offshoring takes. c. Its effect is always to decrease GDP in the nation from which offshoring takes. d. All of the above are clear conclusions from these debates and analyses.