Many fear that cheap foreign labor will destroy American jobs; in reality, wages in
a. the United States have risen spectacularly in the last 33 years as trade grew.
b. countries that export to the United States are very low relative to the United States and show no sign of rising.
c. countries that export to the United States have risen spectacularly in the last 33 years.
d. United States export industries are very low relative to wages in the same industry in other countries.
e. All of the above are correct.
c
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According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?
A) A gasoline surplus is replaced by a gas shortage. B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day. C) The market shortage is replaced by market equilibrium. D) A surplus of 40 million gallons/day results.
A decrease in supply means that
a. demand will increase by the same amount b. the quantity supplied increases c. the quantity supplied decreases d. at every price level, the quantity supplied decreases e. the supply curve shifts to the right
Use the following balance sheet for the ABC National Bank in answering the next question. Assume the required reserve ratio is 20 percent.AssetsLiabilities & Net WorthReserves$27,000 Checkable Deposits$110,000Loans50,000 Stock Shares200,000Securities33,000 Property200,000?Refer to the above data. Assuming the bank loans out all of its remaining excess reserves as a checkable deposit and has a check cleared against it for that amount, the bank will now have excess reserves of:
A. $5,000. B. $0. C. $12,000. D. $3,000.
The circular flow diagram shows that
A) the value of total income is equal to the total value of expenditures on final goods and services. B) firms pay households wages, and households receive transfer payments from firms. C) households spend all their income on goods and services. D) GDP will be less than the total value of expenditures on final goods and services in the economy.