If Australia has more land per worker, and Belgium has more capital per worker, then if trade began between these two countries Group of answer choices the real income of labor in both countries would decline. the real income of capital owners in Australia would increase. the real income of labor in Australia would decline. the real income of landowners in Belgium would decline. the real income of labor in Belgium would decline.

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.