A nation can maximize the net benefits from immigration by:
A. Contracting immigration until the extra welfare cost for taxpayers is zero
B. Expanding immigration until its marginal benefits equal its marginal costs
C. Expanding immigration because it benefits society with a greater supply of products and increased demand for them
D. Contracting immigration because the benefits are minor and it reduces the wage rates of domestic workers
B. Expanding immigration until its marginal benefits equal its marginal costs
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Assuming convex producer choice sets, the (marginal) technical rate of substitution is equal (in absolute value) to the ratio of input prices at any profit maximizing production plan.
Answer the following statement true (T) or false (F)
A recessionary gap is the amount that autonomous aggregate expenditures must rise to cause the equilibrium level of real GDP to shift to the full-employment level of real GDP
a. True b. False Indicate whether the statement is true or false
Short-run macroeconomic equilibrium occurs at the point of intersection of the short-run aggregate supply curve and the short-run aggregate demand curve
a. True b. False Indicate whether the statement is true or false
The AD curve is:
A. the combination of money and velocity growth rates that add up to a constant amount. B. the combination of inflation rates and real growth rates that add up to a constant amount. C. vertical at the economy's long-run real GDP growth rate. D. horizontal at the economy's long-run inflation rate.