The combination of legal and illegal immigrants in the United States creates a Ushaped pattern between the number of immigrants and:
a. wages of competing
b. American workers. their wages.
c. their educational level.
d. their jobs.
Ans: c. their educational level.
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In the figure above, Joe is producing at point A. Joe's opportunity cost of producing one shirt is
A) 5/3 of a pair of pants per shirt. B) 3/5 of a pair of pants per shirt. C) 5 pairs of pants per shirt. D) 2 pairs of pants per shirt.
In Ordinary Least Squares Regression, the gap between the value of the dependent variable and the predicted value is called
A) the error term. B) the minimizing coefficient. C) the residual. D) the explanatory variable.
Changes in real GDP reflect only changes in the amounts being produced
a. True b. False Indicate whether the statement is true or false
If exports rise and imports fall, then:
A. GDP will increase. B. GDP will decrease. C. GDP may remain unchanged. D. net exports will fall.