In 1900 about ____ of all Americans worked in farming or ranching; today less than ____ of the population is involved in these industries.
32.Which is not an example of creative destruction?
a.A large manufacturing plant closes, and unemployed workers leave town.
b.Americans retire in Mexico because the cost of living is cheaper.
c.Call centers are moved from the United States to India and the Philippines.
d.Medical records go online, eliminating the need for paper files and people to track and organize them.
e.All of these are examples of creative destruction.
33.Some Italian factories bring Chinese workers and raw materials to Italy, where these resources are used to make products sold under the label, "Made in Italy". This is an example of
34.The U.S. economy has shifted from ____ to ____ over the past several decades.
35.In 2005, the U.S. Department of Labor estimated, based on trends noted in 2003 and 2004 that ____ jobs would be moved out of the U.S. by 2015.
e.more than 7 million
36.To earn more than what the free competitive market would allow, a business has to acquire
a.a permit from government
b.some way to limit the competition they face
c.and update daily, its Facebook and Twitter accounts
d.backing of politicians
e.a factory in a developing country.
37.To be profitable in a free market, one must
a.be able to creatively destruct its competition
b.develop a brand name
c.earn an A in economics
d.obtain government approval
38.States with a higher minimum wage than the federal minimum wage tend to be located in the ____ U.S.
39.Individual states may set their own minimum wage
a.at any time, regardless of the federal minimum wage
b.if their wage exceeds the federal level
c.only if it is below the federal level
d.by filing an application with the federal department of labor
e.only in times of emergency
40.An increase in the minimum wage, which is above the equilibrium wage, will result in
a.firms hiring less workers
b.more people going to look for a job
c.adverse affects on low-skilled workers
d.more teenagers looking for jobs
e.All of these.
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