The Two-Sector (Manufacturing and Agriculture) Specific-Factors Model Assumes

question 98

Multiple Choice

The two-sector (manufacturing and agriculture) specific-factors model assumes:

• A) that there are increasing returns to labor.
• B) that there are diminishing returns to labor.
• C) that there are diminishing returns to capital in the agricultural sector.
• D) that there are diminishing returns to land in the manufacturing sector.

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Definitions:

Management Philosophy

A set of beliefs or principles that guide managers in their actions and decision-making processes within an organization.

Broad Goals

General objectives that guide an organization or individual's actions without specifying detailed steps or strategies.

Broader Society

Pertains to the larger social system outside of smaller groups or communities, including cultural, economic, and structural dimensions.

Organizational Climate

Organizational climate represents shared perceptions of members regarding what the organization is like in terms of management policies and practices.