Which of the following would be most likely to improve the standard of living of a less-developed country?
a. development of strong labor unions.
b. more foreign investment, attracted by the expectation of economic and political stability.
c. adoption of trade barriers (higher tariffs and quotas).
d. widespread use of price controls to allocate goods and resources.
B
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The unemployment rate in Utopia rose to 12% when the country was passing through a recession. How will the labor market in Utopia be affected if an expansionary monetary policy triggers an inflation in the economy?
What will be an ideal response?
Which of the following statements correctly identifies a difference between labor and land?
A) Land can be rented but not owned by a firm, whereas labor can be rented or owned. B) Labor can be rented but not owned, whereas land can be rented or owned by a firm. C) Labor is hired until a point where the marginal product of labor equals the price of labor, whereas land is rented until a point where the average product of land equals the price of land. D) Labor is hired until a point where the average product of labor equals the price of labor, whereas land is rented until a point where the marginal product of land equals the price of land.