Ceteris paribus, with a fixed exchange rate, if people in Argentina decide to buy more Russian oil, this causes a market ________ of Russian currency and creates a balance-of-payments ________ for Russia.
A. shortage; surplus
B. surplus; surplus
C. shortage; deficit
D. surplus; deficit
Answer: A
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Economists point out that the strong inflow of undocumented workers to some extent reflects the:
A. Increasing return to capital in the United States B. Increasing scarcity of unskilled labor in other countries C. More lenient immigration laws D. Increasing scarcity of domestic unskilled labor in the United States
The four important characteristics that define a perfectly competitive market are:
A. standardized good, full information, no transactions costs, participants are price takers. B. standardized information, finished good, no transactions costs, participants are price makers. C. standardized good, same information for buyer and seller, low transactions costs, participants are price takers. D. standardized good, full information, no transactions costs, participants are price makers.
If workers realize that an increase in nominal wage rates does not necessarily constitute a rise in real wages, then we would expect:
a. an increase in employment. b. a decrease in employment. c. a downward movement along the Philips curve. d. a rightward shift of the Phillips curve. e. a leftward shift of the Phillips curve.
A head tax is
a. a tax in the form of a percentage of the value of the good taxed b. a fixed tax in the form of cents or dollars per unit of the good c. a sales tax applied to a foreign good d. any tax levied on a good e. the same as a poll tax