What has been the economic effect of U.S. immigration in the last two decades?
a. Wages for low-skill jobs have declined.
b. Wages for low-skill jobs have increased.
c. The supply curve for unskilled labor has shifted to the left.
d. Demand for skilled and unskilled labor has increased.
a. Wages for low-skill jobs have declined.
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Assume an economy that is producing only one product. Output and price data for a three-year period are as follows. Answer the question on the basis of these data. year units of output price per unit 1 20 4 2 25 4 3 30 6 Refer to the above data. If year 2 is chosen as the base year, in years 1 and 3 the price index values, respectively, are:
a) 4 and 6. b)6 and 4. c)120 and 100. d) 100 and 150.
If the MPC is .6, and investment spending falls by $50 billion, GDP will fall by $___ billion.
A. 30 B. 50 C. 100 D. 125
Under the Bretton Woods system, countries experiencing current account surpluses
A. were obliged to revalue their currencies. B. could maintain their fixed exchange rate by selling excess foreign exchange. C. were obliged to stimulate their economies. D. could maintain their fixed exchange rate by buying excess foreign exchange.
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Six chewing gum producing firms form a cartel. The firms have identical cost structures. If the cartel produces the profit-maximizing output level, each firm should produce
A. 2,000 packs of chewing gum. B. 6,000 packs of chewing gum. C. 12,000 packs of chewing gum. D. indeterminate output levels from this information.