Assume that labor is the only factor of production and that wages in the United States equal$20 per hour while wages in Japan are $10 per hour. Production costs would be lower in theUnited States as compared to Japan ifA) U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B) U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C) U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D) U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E) U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.

How was industrialization different in the United States and Japan?A.The United States developed crowded industrial cities, while Japan did not.B.The United States benefited from industrialization, while Japan’s economy suffered.C.The United States pursued industrialization on its own, while Japan was first pressured by an outside power.D.The United States was influenced by the industrialization of Great Britain, while Japan was not.SUBMITarrow_backPREVIOUS

As labour productivity is higher in the United States than Australia, this means that a. employers in the United States are willing to pay more for a given quantity of labour than Australian employers are. b. the production function in the United States is below that of Australia's. c. Australian workers will want to work less hours. d. real wages are higher in Australia.

The United States imports televisions from Japan and Japan imports computer chips from the United States. If the theory of comparative advantage guides trade between the two countries, it must be true thatGroup of answer choicesthe opportunity cost of producing televisions in Japan is higher than that in the United States.the opportunity cost of producing computer chips in the United States is higher than that in Japan.the United States has comparative advantage in producing computer chips.the United States has comparative advantage in producing televisions.

What is output per labor-hour?Multiple choice question.ProductivityCapital-intensiveLabor-intensiveA factor of production

Japan produces electronics and cars. Dedicated capitals are required in these two industries, while labour can flow freely between them. Japan exports cars. The world relative price of cars increased due to higher than expected demand. In the short run, we expect thatGroup of answer choicescapitals are reallocated to the car industry.car industry output increases.marginal product of capital increases in the electronics industry.car industry pays higher nominal wage than electronics industry.