According to the text, which of the following statements best describes U.S. factor abundance in 1947?
A) Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the U.S. share of world GDP.
B) Taking into account different labor productivities, the U.S. "effective" labor force was much smaller than the U.S. share of world GDP.
C) Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the U.S. share of world GDP.
D) Corrected data indicate that the United States was actually was a labor-abundant and capital-poor country in 1947.
Correct Answer:
Verified
Q93: If the wage-rental ratio in Japanese auto
Q94: In a labor-abundant country, free trade will
Q95: Suppose that Home has 20% of the
Q96: Which of the following countries had the
Q97: A problem with measuring the factor shares
Q99: Compared with the rest of the world
Q100: Compared with the rest of the world
Q101: Feenstra and Taylor describe the "magnification effect"
Q102: Which of the following groups will NOT
Q103: Suppose that, with trade, the price of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents