Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there is illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
A. $14 and 142M, respectively
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Which of the following statement is correct?
A) If nominal GDP does not change, then real GDP cannot change. B) If nominal GDP decreases, then real GDP must increase. C) Nominal and real GDP can change either in the same direction or the opposite direction. D) If real GDP decreases, then nominal GDP must decrease. E) If nominal GDP increases, then real GDP must increase.
The fact that any pareto efficient equilibrium can be achieved through competition by adjusting endowments is called
A) the second welfare theorem. B) the first welfare theorem. C) the third welfare theorem. D) That is not possible.
A provision that permits raising tariffs if domestic producers are suffering under an existing tariff is known as
a. a trading bloc. b. exchange control. c. anti dumping. d. an escape clause.
If the government wants to engage in fiscal policy to increase real GDP, it could...
What will be an ideal response?