Many economists are in favor of increased immigration of adult foreigners who possess high levels of skills and education. Why?
A. Economists are very caring individuals.
B. Economists believe this is a way to increase understanding among different ethnic groups.
C. Economists believe foreigners will work cheaper.
D. Economists believe this will increase aggregate supply.
Answer: D
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One necessary step in demonstrating monopolistic behavior is to define the market. In this process, defendants would:
a. claim that the market was not in equilibrium. b. want the market defined as narrowly as possible. c. deny that a market existed. d. assert that the market was not stable. e. want the market defined as broadly as possible.
Price elasticity of supply refers to the
a. change in supply that results from a change in demand b. percentage change in supply generated by a percentage change in demand c. change in price that results from a change in supply d. percentage change in price generated by a percentage change in supply e. percentage change in supply generated by a percentage change in price
The very low inflation that the U.S. experienced in 2009 and 2010
a. appears to have reduced expected inflation, and the short-run Phillips curve shifted downward as a result. b. appears to have reduced expected inflation, and the short-run Phillips curve shifted upward as a result. c. does not appear to have reduced expected inflation, and the short-run Phillips curve remained relatively stable as a result. d. does not appear to have reduced expected inflation, but the short-run Phillips curve shifted dramatically nevertheless.
Summarize examples of how a change in demand for one good can affect demand for a related good?