The largescale labor migration that occurred during 1870 to 1913 from Europe to America ____ wages in the destination nations and ____ wages in the source nations, thus leading to _____ of wages between the regions.
a. lowered; raised; convergence
b. raised; raised; divergence
c. lowered; lowered; divergence
d. raised; lowered; convergence
Ans: a. lowered; raised; convergence
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An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to assemble a scholarly answer, the professor should take which steps? a. Develop a hypothesis, test the proposition by engaging in empirical analysis, and examine the data to see if it fits with the facts. b. Gather data on crude oil prices and
seemingly unrelated variables in order to look for associations, then formulate a hypothesis based on those unexpected associations. c. Ask people in Alaska why they are not purchasing oil. d. None of the above. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.
Economists mostly agree that the Great Depression was principally caused by factors that shifted short-run aggregate supply left
a. True b. False Indicate whether the statement is true or false
One major tax loophole intended to help state & local governments raise funds is
A. fiscal federalism. B. tax exempt municipal bond interest. C. tax deductible mortgage interest. D. tax credits for solar panels.
Any change in price along a perfectly inelastic demand curve produces:
A. greater change in the quantity demanded. B. less change in the quantity demanded. C. no change in the quantity demanded. D. infinite change in the quantity demanded.