Which of the following best describes the impact of immigration on complementary resources?
A. The lower wage rate resulting from immigration reduces production costs, creating a business-income effect that increases the demand for complementary resources
B. The lower wage rate resulting from immigration reduces production costs, creating an output effect that decreases the demand for complementary resources
C. The higher wage rate resulting from immigration increases production costs, creating an output effect that increases the demand for complementary resources
D. The lower wage rate resulting from immigration reduces production costs, creating an output effect that increases the demand for complementary resources
D. The lower wage rate resulting from immigration reduces production costs, creating an output effect that increases the demand for complementary resources
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Compared to free trade, a ban on imports of a good
A) increases the domestic price of the good. B) decreases consumer surplus. C) results in a deadweight loss. D) All of the above.
Under the gold standard, all except one of the following are true. Which is not true?
a. Paper currency was convertible into gold at a fixed rate. b. A balance-of-payments deficit would result in a loss of gold. c. A balance-of-payments surplus would result in an inflow in gold. d. The money supply of any country was largely determined by flows of gold. e. A surplus country experienced a rise in its money supply and a drop in its price level.
If the price of a resource is raised, according to the substitution effect, ________; according to the output effect, _________, thereby lowering the employment of all resources.
Fill in the blank(s) with the appropriate word(s).
In percentage terms, which of the following occupations is expected to be the fastest growing from 2010 to 2020?
A. Personal care aides B. Athletic trainers C. Carpentry helpers D. Convention and event planners