Figure 11-8

question 150

Multiple Choice

Figure 11-8
Figure 11-8 shows the optimal input combinations for the production of a given quantity of cotton in the United States and in China.
-Refer to Figure 11-8.Consider the following statements:
a.For each country,the marginal product per dollar spent on labor equals to the marginal product per dollar spent on capital.
b.The price of labor is relatively higher in the United States than in China and the price of capital is relatively lower in the United States than in China.
c.The price of labor and the price of capital are relatively higher in the United States than in China.Based on the figure,which of the statements above is true?

• A) All of the statements are true.
• B) statements a and c only
• C) statements a and b only
• D) statements b and c only

Understand how to design surveys that address sensitive topics effectively.

Know the problems associated with sampling and how to overcome them.

Recognize the essential considerations in choosing survey delivery methods.

Understand the basic definitions and roles involved in a leasing agreement.

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Definitions:

Social Security

Government program that provides financial assistance to people with an inadequate or no income.

Medicare Taxes

Taxes collected from earnings to fund the Medicare program, providing health insurance to individuals aged 65 and older or those who meet specific criteria.

FUTA

The Federal Unemployment Tax Act, which imposes a payroll tax on businesses to fund state workforce agencies.

SUTA

State Unemployment Tax Act, the legislation enabling state governments to collect unemployment insurance taxes from employers.