In modern economies, the cost of raising children has:
A. Decreased because of laxer enforcement of laws that make child labor illegal
B. Increased because of stronger enforcement of laws that make child labor illegal
C. Increased because of fewer requirements for schooling until adulthood
D. Decreased because of more requirements for schooling until adulthood
B. Increased because of stronger enforcement of laws that make child labor illegal
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Say's law explains
A) how long-run real Gross Domestic Product (GDP) stability is achieved in the Keynesian model. B) why economies experience business cycles. C) how the economy can go into recession. D) how long-term real Gross Domestic Product (GDP) stability is achieved in the classical model.
A microeconomic analysis shows that in a competitive economy in which labor is homogenous and mobile, the ratio of the prices of the products in equilibrium is inversely proportional to:
a. the ratio of the capital used in production. b. the ratio of the marginal products of labor. c. the geographical region of the country in which the factory is located. d. the strength of bargaining power of the workers.