A Labor-Intensive Technology Is One in Which People Must Do

question 41

True/False

A labor-intensive technology is one in which people must do most of the work.

Analyze the effects of government policies such as subsidies, production quotas, and specific taxes on market outcomes.

Explain the impact of elasticity on tax incidence and market outcomes.

Calculate and interpret equilibrium price and quantity in free markets and under government intervention.

Evaluate the welfare implications of trade restrictions and government interventions in the market.

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Definitions:

Labor Unions

Organizations formed by workers in various sectors to protect their rights, negotiate wages, benefits, and working conditions with employers.

Political Party

An organized group of people with similar political aims and opinions, that seeks to influence public policy by getting its candidates elected to public office.

Labor Party

A political party that advocates for the interests of the working class and supports labor unions, typically promoting policies like workers' rights, social welfare, and economic equality.

ACFTU

The All-China Federation of Trade Unions, the sole national trade union federation of the People’s Republic of China.