The Very Large Migration of Workers from Rural Areas to Cities

question 53

True/False

The very large migration of workers from rural areas to cities positively impacted Chinese economic growth because the marginal product of labor was much higher in the cities.

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Definitions:

Accrued Expense

An accounting record of an expense that has been incurred but not yet paid, representing a company's obligation to make future payments for goods and services received.

Incurred

Refers to the recognition of expenses or liabilities that have been consumed or acquired in the course of business operations.

Accrued Expense

Expenses that have been incurred but not yet paid for, recognized in the financial statements through adjusting entries.

Employees' Salaries

Regular payments made to employees for their service to an organization, typically agreed upon and fixed in a contract.