Reference no: EM13741155
1. According to the human skills theory of comparative advantage, developing countries would be expected to have a(n)
Select one:
a. absolute advantage in industries requiring a large amount of unskilled labor.
b. absolute advantage in industries requiring a large amount of skilled labor.
c. comparative advantage in industries requiring a large amount of natural resources.
d. comparative advantage in industries requiring minimal use of unskilled labor.
e. comparative advantage in industries requiring a relatively large amount of unskilled labor.
2. After-transfers family income is the sum of
Select one:
a. nonmarket earnings, cash transfers, and the market-equivalent value of in-kind transfers.
b. market earnings and cash transfers.
c. market earnings and the market-equivalent value of in-kind transfers.
d. cash transfers and the market-equivalent value of in-kind transfers.
e. market earnings, cash transfers, and the market-equivalent value of in-kind transfers.
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Draw the average product of labor and provide its formula
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Preferable than the distribution of household income
: The distribution of family income is preferable than the distribution of household income because
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What causes macroeconomic instability of market capitalism
: Is market capitalism necessary for freedom? Explain why or why not. Are market economies necessarily “capitalist” and are command economies necessarily “socialist”? Why or why not? What causes macroeconomic instability of market capitalism? Explain.
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Business organization provides for limited liability
: The text defines an economic system as, Dynamic efficiency measures, Which of the following legal forms of business organization provides for limited liability? Privatization in transition economies is often justified on the grounds of increasing
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After-transfers family income is the sum
: According to the human skills theory of comparative advantage, developing countries would be expected to have a(n). After-transfers family income is the sum of
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Determine the equilibrium real interest rate
: Use the following data table to determine the equilibrium real interest rate after certain factors change: Month Real Interest Rate (%) Loan able Funds (trillions of $) Exogenous Change Equilibria (increases, decreases, or no change)
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Period-expressed in base-year dollars of value
: Suppose that since some base year, the the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period ..
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Amount that the economy is capable of producing
: Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
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Diagnostic tests and fixed-proportions production function
: Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines).
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