Multiple Choice
A worker in Bangladesh can earn $1 per day making cotton cloth on a handloom. A worker in Canada can earn $100 per day making cotton cloth with a mechanical loom. What accounts for the difference in wages?
A) Canadian textile workers belong to a union.
B) There is little demand for cotton cloth in Bangladesh and great demand in Canada.
C) Labour is more productive making cotton cloth with a mechanical loom than with a hand loom.
D) Bangladesh has a low-wage policy to make its textile industry more competitive in world markets.
Correct Answer:
Verified
Correct Answer:
Verified
Q22: In each of the following situations, identify
Q23: What is the effect of an increase
Q24: Which of the following is most likely
Q25: What does the word "margin" mean?<br>A) edge<br>B)
Q26: How are goods and services allocated in
Q29: An economic principle is that people respond
Q30: According to an economic principle, what is
Q32: In Canada, incomes have historically grown about
Q73: Market failure refers to a situation in
Q220: A rational decisionmaker takes an action if