Assume That Labor Is the Only Factor of Production and That

question 213

Multiple Choice

Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in the United Kingdom equal $10 per hour.Production costs would be lower in the United States than the United Kingdom if:

• A) U.S.labor productivity equaled 40 units per hour while U.K.labor productivity equaled 15 units per hour
• B) U.S.labor productivity equaled 30 units per hour while U.K.labor productivity equaled 20 units per hour
• C) U.S.labor productivity equaled 20 units per hour while U.K.labor productivity equaled 30 units per hour
• D) U.S.labor productivity equaled 15 units per hour while U.K.labor productivity equaled 25 units per hour

Analyze the effectiveness of error-management training compared to error-avoidant training, and understand their applicability.

Recognize the meaning and purpose of active learning in training design.

Distinguish between error training and error-avoidant training approaches.

Understand the concept of media richness and identify the least rich communication mediums.

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Definitions:

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in its price.

Elastic Supply

A situation where the quantity supplied of a good changes significantly as the price changes.

Tax Burden

The total amount of tax that individuals, businesses, or other entities must pay to authorities, often expressed as a percentage of income or revenue.

Inelastic Demand

A situation where the demand for a good or service is not significantly changed by changes in price.